After market tumult, Trump exempts smartphones from massive new tariffs
The Trump administration has excluded smartphones and other consumer electronics from its steep reciprocal" tariffs in a significant boost for Big Tech as the White House battles to calm global markets after launching a multifront trade war.
According to a notice posted late on Friday night by Customs and Border Patrol, smartphones, along with routers, chipmaking equipment, wireless earphones, and certain computers and laptops would be exempt from reciprocal tariffs, which include the 125 percent levies Donald Trump has imposed on Chinese imports.
The carve-out is a big win for companies such as Apple, Nvidia, and Microsoft and follows a week of intense turbulence in US markets after Trump unleashed a trade war on liberation day" on April 2. The announcement rattled global investors and triggered a stock market rout.