According to an announcement released by the U.S. Customs and Border Protection on April 12, some electronic products initially received temporary tariff exemptions. However, Howard Lutnick clarified in an interview with ABC News on April 13 that the so-called exemptions are merely short-term measures resulting from changes in classification. It is anticipated that within one to two months, the government will establish a dedicated tariff system for the semiconductor industry, which will include many electronic products. According to Howard Lutnick, electronic products such as smartphones, computers, and routers may be included in the forthcoming semiconductor tariff scope.
“So what Trump did is that while these products are not subject to ‘reciprocal tariffs’, they are included under the semiconductor tariffs, which may come into effect in a month or two. Therefore, these are coming soon. You should not find this unusual. It should be viewed as part of the semiconductor tariffs.”
In addition, Howard Lutnick emphasized that President Trump has clearly identified the pharmaceutical, semiconductor, and automotive industries. These tariff policies are not just bargaining chips but also a long-term strategy to ensure U.S. national security, aimed at achieving localized production of critical industries. Howard Lutnick stated:
“We cannot rely on China for essential supplies; pharmaceuticals and semiconductors must be manufactured in the United States.”
This statement has attracted significant market attention. Since the Trump administration announced tariffs of up to 145% on imports from China, the trade war between the U.S. and China has escalated once again, with China retaliating with tariffs of 125%, exacerbating global economic uncertainty.
According to a BBC report, this move by the U.S. could drive up consumer prices, especially for electronic products and battery supplies, which the U.S. heavily relies on from China. China may shift excess capacity to other markets, impacting the global supply chain. Howard Lutnick expressed optimism that the two countries would eventually reach a trade agreement, but emphasized that the U.S. would not compromise on core industries.
The uncertainty surrounding tariff policies has already significantly impacted financial markets. The volatility index (VIX) of the S&P 500 has been rising continuously, reflecting investor concerns about the macroeconomy. A tweet from Bloomberg analyst Eric Balchunas on April 10 noted that the volatility of the S&P 500 index reached 74 in April, surpassing Bitcoin’s 71, indicating that stock market volatility has exceeded that of traditional high-risk assets.
There were rumors of a 90-day tariff delay from the Trump administration, which propelled the stock market up by about $2 trillion, but Trump subsequently denied the news, leading the market to quickly retreat. It was not until later when Trump officially announced partial tariff exemptions that the market stabilized somewhat, although it remains in a state of high volatility.