US Commerce Secretary Howard Lutnick announced on Sunday that smartphones, computers, other electronic devices, and semiconductors will face distinct sector-based tariffs.
The exemption earlier included Chinese electronic imports as well, which had been slapped with a 145 per cent tariff in total.
US Commerce Secretary Howard Lutnick announced on Sunday that smartphones, computers, other electronic devices, and semiconductors will face distinct sector-based tariffs.
During an interview on ABC라이브 바카라 “This Week,” Lutnick added that these tariffs are expected to take effect in about a month, with pharmaceutical tariffs to follow shortly thereafter.
"We can't be relying on China for fundamental things that we need: our medicines and our semiconductors need to be built in America," added Lutnick.
He also clarified that their exemption from the reciprocal tariffs was temporary and that President Trump would implement "a tariff model in order to encourage" the semiconductor and pharmaceutical industry to move their business to the US.
This announcement comes after Donald Trump's administration on Friday excluded some electronic products and semiconductors from retaliatory tariffs.
The exemption included Chinese electronic imports as well, which had been slapped with a 145 per cent tariff in total.
According to a US Customs and Border Protection bulletin, smartphones, computers, solar cells, flat-panel TV displays and semiconductor-based storage devices, among others, would be excluded from the duties imposed by Trump on April 2.
The reprieve from the tariffs was welcome news for companies like Apple, Samsung and chip maker Nvidia, who reported major losses in market value when the reciprocal duties were announced.
Apple lost over $640 billion in market value, CNBC reported. The cost of an iPhone could have surged to as high as $3,500 under some estimates, the report added.