Stocks move higher on some tariff relief for electronics: Live Updates
Trump says admin will clarify electronics tariff exemption after weekend confusion
President Donald Trump
said Sunday that his administration will clarify tariff exemptions for smartphones, computers and other electronics from reciprocal tariffs in the coming week.
While speaking with reporters on Air Force One on Sunday night, Trump said the goal behind the specific tariff is to “uncomplicate” trade in the semiconductor sector.
“We wanted to uncomplicate it from a lot of other companies, because we want to make our chips and semiconductors and other things in our country,” Trump said while traveling back to Washington, D.C., from West Palm Beach.
Trump declined to say whether some products such as smartphones might still end up being exempt, though added: “You have to show a certain flexibility. Nobody should be so rigid.”
In a Truth Social post earlier Sunday, Trump said he didn’t announce an overall tariff exemption on electronics from China on Friday, stating that the products still face the existing 20% tariff – just not the reciprocal tariffs, which are now at 145%.
He wrote that the goods are “just moving to a different” tariff bucket.
“We are taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN in the upcoming National Security Tariff Investigations,” Trump wrote.
Fox Business’ Elizabeth Pritchett contributed to this report.