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Commerce Secretary Howard Lutnick suggested on Sunday that U.S. tariff exemptions for smartphones, computers and semiconductors as well as other electronic products could be temporary. New tariffs are on the way.
“They're exempt from the reciprocal tariffs but they're included in the semiconductor tariffs, which are coming in probably a month or two. Lutnick, ABC News’ This Week, said that the tariffs will be coming soon.
“This is not a permanent exemption.” [President Trump is] Clarifying that these aren’t available for countries to negotiate away. Lutnick stated that these things are national security and we need to make them in America.
U.S. Customs and Border Protection had on Friday issued update guidance exempting a wide range of electronics, including smartphones and computers, from President Trump’s “reciprocal” tariffs.
The comments come following a volatile market week as investors reacted the latest developments regarding tariffs. China raised tariffs on U.S. products to 125% on Friday, after President Trump increased U.S. duties against Chinese goods to 145%.
Apple’s (AAPL) shares, the world’s most valuable by market capitalization company, have not recovered from the damage caused by President Trump’s announcement of tariffs on April 2, amid fears about how the U.S.-China trade tensions could impact the iPhone maker, which manufactures the majority of its products in China.