President Donald Trump announced that he would be announcing the tariff rate on imported semiconductors within the next week, signaling a reset in the semiconductor sector. This move likely means that smartphones and computers will no longer be exempt from tariffs on Chinese imports. The White House had previously excluded these products from the steep reciprocal tariffs on China, but Commerce Secretary Howard Lutnick clarified that they would face new duties in the coming months.
Trump’s back-and-forth on tariffs has caused significant volatility on Wall Street, with the S&P 500 index down over 10% since the beginning of his term. The announcement of tariffs targeting semiconductors and electronics products has raised concerns about the impact on trade and economic growth.
Billionaire investor Bill Ackman called on Trump to pause the tariffs on China for three months to allow U.S. businesses to relocate their supply chains without disruption. Senator Elizabeth Warren criticized the administration for the chaotic and corrupt handling of tariff policy.
Despite the tensions, White House trade adviser Peter Navarro stated that the U.S. was open to negotiating with China, but accused China of creating trade friction. Trade Representative Jamieson Greer expressed hope for meaningful deals with several countries in the coming weeks.
Billionaire hedge fund founder Ray Dalio warned that the U.S. was close to a recession or worse if tariffs were not handled properly, emphasizing the need for careful decision-making in trade policy.
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