President Donald Trump announced that he would be revealing the tariff rate on imported semiconductors within the next week, with certain flexibility for companies in the sector. The exclusion of smartphones and computers from reciprocal tariffs with China is expected to be short-lived as Trump focuses on reshaping trade in the semiconductor industry. On Sunday, he also initiated a national security trade probe into the semiconductor sector.
While there was initially hope for the tech industry to avoid being impacted by the tariffs, Trump’s commerce secretary confirmed that critical technology products from China would face new duties, along with semiconductors, in the near future. Trump’s back-and-forth on tariffs has caused significant volatility in the stock market, with the S&P 500 index dropping more than 10% since he took office.
Billionaire investor Bill Ackman called on Trump to pause the broad reciprocal tariffs on China for three months to allow for businesses to relocate their supply chains. Meanwhile, U.S. Senator Elizabeth Warren criticized the chaotic nature of Trump’s tariff policy, warning about potential negative economic impacts.
Trade Representative Jamieson Greer stated that there were no plans for Trump to speak with Chinese President Xi Jinping on tariffs, but expressed hope for deals with other countries in the near future. However, billionaire Ray Dalio expressed concern about the U.S. potentially sliding into a recession or worse if the tariffs are not handled carefully.
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