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U.S., markets brace fro tariffs fallout

Levies expected 'soon' on electronic, tech items

By: John Bacon
and cubele Mayes-Osterman
USA Today

..... The nation and the world were bracing for the next tariff whiplash after commerce Secretary Howard Lutnick wanned hat levies on crucial technology goods like smartphones were "coming soon" despite President Donald Trump's announcement last week [04/09/2025] providing some exemptions for the items.
..... The exemptions include most of the stiff tariffs Trump levied on all china imports, Lutnick, in an interview April 13 [2025] on ABC's "this Week," said Trump would enact a "special focus" tariff on smartphones, computers and other electronics within tow months.
"NOBODY is getting 'off the hook' for the unfair Trade Balances, and Non Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst!" Trump wrote in a Truth Social post later on April 13. [2025] "There was no Tariff 'exception' announced on Friday. [04/11/2025] These products are subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff 'bucket.'
..... Financial markets have struggled mightily in recent days, first with a string of announcement placing tariffs on products from certain nations such as Canada, China and Mexico, and on certain products such as steel and aluminum. In ensuring days the number of nations and products rapidity expanded, crushing investors and fueling turmoil in the bond markets.
..... A series of temporary tariff rollbacks brought some relief, but uncertainly has prompted concerns of inflation and a possible recession. Aided by the latest tech exemptions, global technology stocks advanced April 14 and U.S. stack futures pointed toward gains ahead of the opening bell.
..... The White House continued to express satisfaction with the tariffs plan thus far.
..... "This is unfolding like we thought it would," White House adviser Peter Navarro said on NBC's "Meet the Press."
..... Navarro insisted the carvue-outs for smartphones hard drives and other tech products, issued late on April 11 [2025] weren't really exclusions form the sky-high tariffs on Chinese imports.
..... "You want to call it an exemption - po-tay-toesm potath-toes," he said.

Tariffs on semiconductor chips coming soon, Trump says

..... On April 13, [2025] Trump said he would announcing the tariff rate on imported semiconductors this week, [04/14-18/2025] adding that there would be flexibility with some companies in the sector.
..... The president's pledge could indicate that the exclusion of smartphone and computers form his reciprocal tariffs on china will be short-lived as Trump looks to rest trade in the semiconductor sector.
..... "We wanted to uncomplicated it from a lot of other companies, because we want to make our chips and semiconductors and other things in our country," Trump told reporters abroad Air Force One as he traveled back to Washington from his estate in West Palm Beach.
..... Trump declined to say whether some products such as smartphones might still end up being exempted, but added: "You have to show a certain flexibility. Nobody should be is rigid."
..... Earlier in the day, Trump announced a national security trade probe into the semiconductor sector.
..... "We are taking a look at Semiconductors and the WHOLE ELECTRONIC SUPPLY CAINE in the upcoming National Security Tariff Investigations," he posed on social media.

'A political tool'

..... Democrats have slammed the exemption as a gift to wealthy tech CEOs that donated to Trump.
..... "If you're an industry that doesn't have political power or isn't paying off Donald Trump, the tariff still applies," Senator Chris Murphy, D-Connecticut, said in a video statement on April 12. [2025]
..... "it's not trade policy. It's not economic policy, it's just a political tool to enrich Donald Trump's friends and screw the rest of us," he said.
.....Senator Elizabeth Warren, D-Massachusetts, said on X that Apple CEO Tim Cook was "getting a big return on his investment's for donating $1 million to Trump's inauguration.

Wait 90 days on China, billionaire urges

..... On April 9, [2025] Trump abruptly announced he would pause the reciprocal tariffs he had threatened to levy worldwide for 90 days - other than tariffs on china, which he hiked to 125%. The Dow tumbled 1,000 points on April 10 [2025] as the global economy braced for a trade ware with China.
..... "We have a strategy here where the president says we're going to charge them what they charge us," Navarro said. The tariffs were announced "knowing full well that a lot of countries would come right to us and want to bargain."
..... Billionaire investor Bill Ackman, a Trump supporter now at odds with the president over tariffs, called on April 13 [2025] for a pause on China for three months. Ackman lauded Trump for showing "considerable flexibility" and understanding the challenges U.S. companies face in adapting to the tariffs so rapidly.
..... China is under pressure to negotiate a deal whether the tariffs take effect immediately or in three months, he said on X. The pause would provide U.S. businesses with time to make supply chain adjustments while giving China a chance to negotiate a trade deal in good faith, Ackman said.
..... "If China does not cooperation and negotiate a deal that makes sense for our country, President Trump can bring the hammer down in 90 days," Ackman wrote.

..... Contributing" Paul Davidson, Rachel barber, USA Today; Reuters

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