US Tech Tariff Exemptions Are Not Everlasting, With New Tariffs ‘Coming Quickly,’ Commerce Secretary Says

Commerce Secretary Howard Lutnick on Sunday recommended U.S. tariff exemptions on smartphones, computer systems, semiconductors, and different electronics might be non permanent, with new tariffs on the best way.

“They’re exempt from the reciprocal tariffs however they’re included within the semiconductor tariffs, that are coming in most likely a month or two. So, these are coming quickly,” Lutnick stated Sunday on ABC Information’ “This Week.”

“So this isn’t like a everlasting form of exemption. (President Trump is) simply clarifying that these aren’t obtainable to be negotiated away by international locations. These are issues which can be nationwide safety, that we have to be made in America,” Lutnick stated.

U.S. Customs and Border Safety had on Friday issued up to date steerage exempting a variety of electronics, together with smartphones and computer systems, from President Trump’s “reciprocal” tariffs.

The feedback come after a unstable week for markets as traders reacted to the most recent developments on tariffs. China on Friday lifted tariffs on U.S. items to 125%, after President Trump raised U.S. duties on Chinese language items to 145%.

Shares of Apple (AAPL), the world’s most useful firm by market capitalization, have but to get well from the hit taken since President Trump’s tariff announcement on April 2, amid considerations about the way it might be impacted by U.S. commerce tensions with China, the place the iPhone maker manufactures most of its merchandise.