▽FT.com ●04/13 05:16 Trump exempts smartphones from ‘reciprocal’ tariffs after market routWarning lights flash for US consumer strength as credit defaults riseLiquidity worsens in $29tn Treasury market as volatility soarsTrump exempts smartphones from ‘reciprocal’ tariffs after market routWarning lights flash for US consumer strength as credit defaults riseLiquidity worsens in $29tn Treasury market as volatility