U.S Government plans Tariffs for Tech imports from China
US Commerce Secretary Howard Lutnick announced that, within the next two months, semiconductors, smartphones, computers, and other electronics currently exempt from high tariffs on imports from China will also be subject to additional, separate duties.
This latest development in President Donald Trump’s tariff plans, which have rocked the global trading order and agitated financial markets since they were unveiled on April 2, dubbed by Trump as “Liberation Day,” came from Lutnick’s remarks on ABC’s “This Week” regarding technology products.
The Trump administration announced late Friday that smartphones and several other electronic products would not be subjected to the high reciprocal tariffs. The announcement was a relief for tech companies reliant on Chinese imports, including Apple and Dell Technologies.
However, Lutnick implied that the reprieve may not last long. Wall Street has experienced extreme fluctuations since the onset of the COVID-19 pandemic in 2020 due to Trump’s uncertainty-inducing tariff back-and-forth.
The benchmark Standard and Poor’s 500 index has lost over ten percent since Trump took office on January 20.
According to Lutnick, Trump would implement “a special focus-type of tariff” on computers, smartphones, and other electronics within a month or two, in addition to sector-specific tariffs on pharmaceuticals and semiconductors.
Trump has imposed levies on Chinese imports under the reciprocal tariffs, which will not apply to the new duties.
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