The tariffs exemption for electronics under the previous administration may not last long.
Commerce Secretary Howard Lutnick revealed on Sunday that the recent exemption for items such as smartphones, computers, and various consumer electronics from high tariffs is only a temporary measure.
A new collection of tariffs aimed specifically at semiconductors is anticipated to be implemented within “a month or two,” he stated.
“All those products are going to be categorized under semiconductors, and there will be a uniquely targeted tariff to ensure that these products are brought back to U.S. production,” Lutnick commented during an interview on ABC’s This Week.
He further clarified that the aim is to boost the production of chips and flat panels domestically, thereby diminishing reliance on Asian manufacturing. This statement followed a notice from U.S. Customs and Border Protection which announced a short-term exemption for numerous critical electronics from the retaliatory tariffs that were put into effect earlier this month.
Nevertheless, Lutnick stressed that these items will soon be included under a more specific policy targeting critical industries labeled as “national security,” such as semiconductors and pharmaceuticals.
“We require chips and flat panels — it’s essential that these components are produced in America,” Lutnick remarked.
Following Lutnick’s comments, the price of bitcoin experienced a dip of about 1% before rebounding to approximately $84,000. In addition, the overall cryptocurrency market, as represented by the CoinDesk 20 (CD20) index, saw a decline of around 1.6% in the past 24 hours.