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Commerce Secretary Howard Lutnick on Sunday suggested U.S. tariff exemptions on smartphones, computers, semiconductors, and other electronics could be temporary, with new tariffs 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. So, these are coming soon,” Lutnick said Sunday on ABC News’ “This Week.”
“So this is not like a permanent sort of exemption. [President Trump is] just clarifying that these are not available to be negotiated away by countries. These are things that are national security, that we need to be made in America,” Lutnick said.
U.S. Customs and Border Protection had on Friday issued updated guidance exempting a wide range of electronics, including smartphones and computers, from President Trump’s “reciprocal” tariffs.
The comments come after a volatile week for markets as investors reacted to the latest developments on tariffs. China on Friday lifted tariffs on U.S. goods to 125%, after President Trump raised U.S. duties on Chinese goods to 145%.
Shares of Apple (AAPL), the world’s most valuable company by market capitalization, have yet to recover from the hit taken since President Trump’s tariff announcement on April 2, amid concerns about how it could be impacted by U.S. trade tensions with China, where the iPhone maker manufactures most of its products.
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