President Donald Trump announced that he would be announcing the tariff rate on imported semiconductors in the upcoming week, with some flexibility for certain companies in the sector. The exclusion of smartphones and computers from reciprocal tariffs with China is likely to be short-lived as Trump aims to prioritize domestic production of chips and semiconductors.
Earlier, Trump initiated a national security trade probe into the semiconductor sector, despite some hope that the tech industry would remain unaffected by the escalating trade conflict between the U.S. and China. The exclusion of critical technology products from China from steep reciprocal tariffs did not last long, as Commerce Secretary Howard Lutnick indicated that additional duties on these products, along with semiconductors, would be imposed within the next two months.
The back-and-forth on tariffs led to volatile market fluctuations, with Wall Street experiencing significant swings. Billionaire investor Bill Ackman called on Trump to pause the reciprocal tariffs on China for three months, suggesting that a temporary reduction could achieve the same objectives without disrupting businesses.
Despite ongoing negotiations with various countries, including China, regarding tariffs, concerns have been raised about the impact of the tariffs on economic growth and the potential for a recession. Trade Representative Jamieson Greer expressed hopes for successful deals with other countries in the near future, but the uncertainty surrounding tariffs, particularly with China, continues to raise concerns about the overall economy.
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