US Commerce Secretary Howard Lutnick on Sunday announced that new tariffs will be imposed on smartphones, computers, semiconductors and some other electronic devices within the next two months. A day earlier, the Trump administration had announced several other electronic goods such as smartphones, laptops and computers to be exempted from the retaliatory tariffs. Since the US imports a large amount of electronic goods from China, this new decision by the Trump administration also exempts China from the 125 per cent retaliatory duty on these products.
Tech companies got relief
The move is being seen as a big relief for tech companies that depend on imports from China, such as Apple and Dell. Lutnick’s statement is being considered a major turn in Trump’s tariff plans. Earlier, Trump had announced to postpone retaliatory tariffs on more than 75 countries for 90 days and keep electronic products out of these tariffs.
Preparation of new tariffs
Trump’s tariff plans have created a stir in the global financial market. Lutnick said that Trump will impose a specific type of tariff on smartphones, computers and other electronic products in a month or two. Along with this, new tariffs will also be imposed on semiconductors and pharmaceuticals. All these new tariffs will be outside Trump’s retaliatory tariffs.
Big step towards trade war
This move is being seen as a new twist in the trade war between the US and China. These decisions of the Trump administration can affect the global trade policy, and its impact is likely to affect not only US companies but also the technology and pharmaceutical industries around the world.
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