On Friday, the Trump administration announced that smartphones, computers, and other tech devices would be exempt from the steep tariffs on Chinese products announced earlier this month that reached a whopping 145 percent.
“So, you’re saying that the big tariffs on things like smartphones and laptops, iPhones—all those iPhones built in China—that those tariffs are temporarily off, but they’re going to be coming right back on in another form in a month or so?” asked host Jonathan Karl. “Or what—what are you saying?”
Lutnick added that those products would be “included in the semiconductor tariffs that are coming, and the pharmaceuticals are coming. Those two areas are coming in the next month or two.”
Just hours later, Fox News’s senior business correspondent Charles Gasparino reported that Lutnick’s apparent break with the White House had ruffled some feathers.
“Of course the only opinion that really matters in the president’s but I am told plenty of people really believe he is ‘off message’ of trying to create a trade regime that involves negotiations even with China and actions that don’t roil the markets including the all important bond market,” he added, noting that the story was still developing.
In a post later Sunday afternoon, Trump claimed that there were exemptions in his trade war. “There was no Tariff ‘exception’ announced on Friday. These products are subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff ‘bucket,’” he wrote on Truth Social.
Trump’s apparent tariff rollback continued to roil the stock market Monday, as experts fretted over a trend of rapid de-dollarization in the market.
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