President Donald Trump has now reportedly announced that smartphones, computers, and various other electronics will be exempt from the steep tariffs imposed on Chinese imports.
This decision, revealed by the U.S. Customs and Border Protection, comes amid ongoing trade tensions and follows Trump’s initial announcement of tariffs exceeding 100% against China and numerous other countries.
The announcement comes right before a scheduled pause on most tariffs as negotiations for new trade deals are underway.
Following the tariffs’ announcement, the stock market experienced significant downturns, with major tech companies, including Apple, facing substantial losses in market value exceeding $600 billion.
There were concerns that companies reliant on Chinese manufacturing would have to dramatically raise consumer prices to accommodate increased costs from the tariffs.
The exemption applies to a range of products including semiconductors, solar cells, flash drives, and memory cards, covering items that entered the United States after April 5.
Trump’s administration has criticized China’s trade practices, claiming that the country has exploited the U.S. for many years.
In a recent statement, the president remarked on the perceived unfairness of past trade deals and expressed confidence that the escalating trade war will ultimately yield positive results for the U.S.
The decision to exempt these electronics is seen as a response to intense lobbying from technology firms concerned about rising costs and the competitive landscape.
As negotiations with China continue, the administration is likely to face scrutiny over how these exemptions will impact both American consumers and the overall market in the coming months.
[READ MORE: China Hits Back at Trump, Raises Tariff Rates Against US to 125%]
