U.S. Secretary of Commerce Lutnick: Tariffs exemptions on electronic products and pharmaceuticals are temporary.
The Trump administration announced late Friday that it would exempt electronic items such as smartphones and laptops from reciprocal tariffs, while U.S. Secretary of Commerce Howard Lutnick emphasized that this move is not permanent.
U.S. Secretary of Commerce Howard Lutnick stated that the tariff exemptions imposed by the Donald Trump administration on certain electronic products and pharmaceuticals are temporary. In an interview with ABC News, Lutnick emphasized that this is "not a permanent exemption" and added that tariffs on semiconductors and pharmaceuticals "will be implemented in the next one or two months." Lutnick also said, "We need semiconductors, we need chips, and we need flat panels. We need these kinds of things to be produced in America. We cannot be dependent on Southeast Asia for everything." In the announcement made late Friday, the Trump administration stated that it would keep electronic devices such as smartphones and laptops out of reciprocal tariffs. This move could help keep prices low for popular consumer electronics that are generally not produced in the U.S. According to Wedbush Securities, the exemptions will benefit American tech giants like Apple, which conducts 90% of its iPhone production and assembly in China. A statement shared by U.S. Customs and Border Protection indicated that the exemption also applies to the 145% tariff imposed on products imported from China and covers other electronic devices and components, including semiconductors, solar panels, and memory cards. This marks the latest tariff change by the Trump administration, which has made several "U-turns" in its grand plan to impose tariffs on goods from most countries. Speaking to reporters on Air Force One on Saturday, Trump said he would provide more information about the exemptions on Monday. "We will be much clearer on Monday. But we are bringing in a lot of money to the country. We are bringing in a lot of money."