President Trump said on Sunday that there may be exceptions to certain products, but that he will announce tariffs on semiconductors on Sunday.
“The tariffs will be placed in the not-too-far future. You know, we did with steel, we did with aluminum, which is now fully on, we would do it with semiconductors, chips and a lot of other things.”
“And that’s going to happen in the very near future.”
Trump said the goal is to encourage businesses to create products in the US. However, experts warn that it could be a process that lengthens the change, which could lead to higher prices for electronic devices for consumers.
Trump said he was asked if certain products, such as iPhones and tablets, are receiving tariffs.
“You know, we have to show a certain flexibility. No one should be that strict. We have to have certain flexibility. And we have to have a really good flexibility. And we’re doing really well. And financially, our country is going to be stronger than ever,” Trump said.
Trump hasn’t said what products this flexibility will apply to.
Customs and border security, which handles the collection of customs duties, posted a notice late Friday that certain electronic devices will be exempt from “mutual” tariffs imposed on other countries, including China.
Trump and other administration officials said on Sunday that the exemptions are temporary and that those products will be subject to upcoming semiconductor tariffs.
The first exemption appeared to be a break for consumers who were facing the possibility of paying the price of electronic devices at a higher price due to the sudden tariffs imposed on China. It was also a clear victory for companies such as Apple, which manufacture many products in China.
The decision to exempt certain products to add tariffs to them later could also add confusion over the development of the Trump administration’s tariff policy.
Trump messed up the idea that there was ambiguity that could scare the market at Monday’s opening.
“We have an incredible country,” he said in Air Force 1. “We have a country that is much richer than we did a few months ago. We have a very respected financial system.”
