Trump Exempts Smartphones and Electronics From Tariffs
The Trump administration has exempted smartphones and consumer electronics from its “reciprocal” tariffs, benefiting companies like Apple, Microsoft, and Nvidia. This decision follows a week of market volatility and aims to ease trade tensions with China.
- Exemption includes smartphones, routers, laptops, and chipmaking equipment.
- Trump previously imposed 125% tariffs on Chinese imports, affecting Apple's market value by $700 billion.
- Apple continues to produce most iPhones in China, despite shifting some manufacturing to India.
- The broader 20% tariffs related to fentanyl production remain unchanged.
- China views the exemption as a small positive step while monitoring its effects.
In the crypto market, Bitcoin surged above $83,000 after US inflation data showed a Producer Price Index of 2.7%, below the expected 3.3%. The US dollar reached a three-year low, potentially indicating the beginning of a new bull market for crypto.