President Trump announced that he would be revealing the tariff rate on imported semiconductors within the next week, with flexibility for some companies in the sector. This means that smartphones and computers are unlikely to remain excluded from reciprocal tariffs on China. A national security trade probe into the semiconductor sector was also announced earlier. Trump’s back-and-forth on tariffs caused market volatility, with the S&P 500 index down over 10% since his inauguration. Commerce Secretary Howard Lutnick confirmed that critical technology products from China would face new duties, including smartphones and computers, within the next two months. China responded by increasing tariffs on U.S. imports to 125%.
Billionaire investor Bill Ackman suggested a three-month pause on broad tariffs on China, while Senator Elizabeth Warren criticized the chaotic tariff policy. White House trade adviser Peter Navarro invited China to negotiate, criticizing their involvement in the fentanyl supply chain. Trade Representative Jamieson Greer stated that there were hopes for non-Chinese deals and no plans for Trump to speak with Chinese President Xi Jinping on tariffs yet. Billionaire Ray Dalio expressed concern about the U.S. potentially sliding into a recession as a result of the tariffs. The U.S. Customs and Border Protection agency excluded certain product categories from import taxes, including computers and memory chips. There were discussions of potential deals with other countries in the coming weeks.
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