President Donald Trump announced that he would be unveiling the tariff rate on imported semiconductors within the next week, with some flexibility for certain companies in the sector. This pledge suggests that smartphones and computers may no longer be excluded from reciprocal tariffs on China, as Trump aims to boost domestic production in the semiconductor industry. Earlier in the day, Trump initiated a national security trade probe into the semiconductor sector.
Despite initial hopes that tech products might be spared from the escalating trade conflict between the U.S. and China, Trump’s commerce secretary confirmed that critical technology products from China would face new duties in the next two months, along with semiconductors. The new tariffs would target smartphones, computers, and other electronics products.
Beijing responded by increasing tariffs on U.S. imports. Billionaire investor Bill Ackman called on Trump to temporarily pause and reduce Chinese tariffs to prevent disruption and risk for U.S. businesses. However, the constant back-and-forth on tariffs has drawn criticism and concerns about economic repercussions.
U.S. Senator Elizabeth Warren criticized the tariff chaos and corruption, while trade adviser Peter Navarro highlighted the invitation to negotiate with China and efforts to secure deals with other countries. Billionaire Ray Dalio expressed worries about the U.S. sliding into a recession due to the tariffs. Overall, uncertainty and volatility in trade policy have created challenges for businesses and the economy.
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