Premarket: Global stocks rally as electronics get a tariff break

Major stock indexes bounced in Europe and Asia on Monday after the White House exempted smartphones and computers from "reciprocal" U.S. tariffs, though gains were limited as President Donald Trump warned levies were still likely. Indeed, Trump on Sunday told reporters tariffs on semiconductors would be announced over the next week and a decision on phones made "soon." On the face of it, the exemption of 20 product types accounting for 23% of U.S. imports from China was a boon to manufacturers. However, the uncertainty was still exerting downward pressure on the dollar and U.S. government bonds, and the off-again,…