Smartphones and computers are now exempt from Trump’s latest tariffs
People look at a new iPhone 16 series at an Apple Store in Palo Alto
By Auzinea Bacon, CNN
(CNN) — Electronics imported to the United States will be exempt from President Donald Trump’s reciprocal tariffs, according to a US Customs and Border Protection notice posted late Friday.
Smartphones, computer monitors and various electronic parts are among the exempted products. The exemption applies to products entering the United States or removed from warehouses as early as April 5, according to the notice.
The move comes after the Trump administration imposed a minimum tariff rate of 145% on Chinese goods imported to the United States. The tariffs would have a major impact on tech giants like Apple, which make iPhones and other products in China.
Roughly 90% of Apple’s iPhone production and assembly is based in China, according to Wedbush Securities’ estimates.
Counterpoint Research, a firm that monitors global smartphone shipments, estimated Apple has up to six weeks of inventory in the United States. Once that supply runs out, prices would have been expected to go up.
President Donald Trump had told reporters Friday on Air Force One that there could be possible exclusions to his sweeping tariffs.
“There could be a couple of exceptions for obvious reasons, but I would say 10% is a floor,” Trump said.
The White House has not responded to CNN’s request for comment.
Economists have warned the cost of tariffs may ultimately be passed on to the consumer. That fear has sent many Americans rushing to buy big-ticket items, such as cars and electronics, as consumer sentiment has dropped to record lows.
The Trump administration says these tariffs would bring more manufacturing jobs to the United States and reverse a decades-long decline. But some products can’t be easily made or found in the United States, thus increasing the costs to produce them in American factories.
Semiconductors and microchips are among the products heavily outsourced to factories in Asia due to lower costs. Those electronic parts are now exempt, according to the Friday notice. That could help Asian chipmakers, such as Taiwan Semiconductor Manufacturing Company (TSMC), South Korea’s Samsung and SK Hynix.
Although TSMC is building chipmaking plants in Arizona, plans that were announced in 2020 during Trump’s first term, the president has repeatedly accused Taiwan of stealing America’s chip industry.
This is a developing story and will be updated.
The-CNN-Wire
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