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 exemption, which comes after the Trump administration on Wednesday imposed a minimum tariff rate of 145% on Chinese goods imported to the United States, does not include the 20% tariff on Chinese goods for the country’s role in the fentanyl trade.
The tariff exemption 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.
Analysts at Wedbush Securities on Saturday called the tariff exclusion, “the best news possible for tech investors.”
“Big Tech firms like Apple, Nvidia, Microsoft and the broader tech industry can breathe a huge sigh of relief this weekend into Monday,” Wedbush said in a statement.
“A big step forward for US tech to get these exemptions and the most bullish news we could have heard this weekend…now onto the next step in negotiations on the broader China tariff war which will take a number of months at least.”
Credit:cnn
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