US president Donald Trump has announced that he will announce the tariff on imported semiconductors within a week. Smartphones and computers, which were exempted from the tariffs this weekend, will probably still be affected by the new levies.
Last Sunday, Trump clarified that the previously announced exemptions for technology products will be short-lived. The president wants to strengthen the American chip industry by taxing foreign competition. “We want to make our chips and semiconductors and other things in our country,” the American president said.
Flexibility for some companies
Although Trump seems determined to implement import tariffs, he emphasizes that there is still room for flexibility. “Nobody should be so rigid,” Trump says. This suggests that some companies may still be able to get exceptions. It is still unclear what criteria would apply.
US Secretary of Commerce Howard Lutnick has stated that there will be “a special type of tariff” on smartphones, computers, and other electronic products. These tariffs, in addition to sectoral tariffs on semiconductors and pharmaceutical products, would come into effect within one to two months.
The lack of clarity about the tariffs has led to extreme fluctuations on Wall Street, comparable to the volatility during the COVID pandemic in 2020.