Latest: Trump warns of new rounds of tariffs on tech industry
NBS Webdesk


US President Donald Trump has promised new rounds of sanctions for the tech industry and nationwide security investigation into the electronics sector as his administration warns “no one is getting off the hook,” when it comes to tariffs.

Trump said , “The exemption of smartphones, laptops and other electronic products from import tariffs on China will be short-lived,” noting that,  “There is no Tariff exception” for electronics sector and that “these products are subject to the existing 20% Fentanyl tariffs, and they are just moving to a different Tariff bucket.”

He promised to launch a national security trade investigation into the semiconductor sector as well and the “whole electronics supply chain.”

“We will not be held hostage by other Countries, especially hostile trading Nations like China,” he warned.

Trump’s post came as a shock as the White House announced on Friday the exclusion of electronic products from steep reciprocal tariffs.

The White House announcement created some hope that the tech industry might escape the escalating conflict between the two nations and everyday consumer products such as laptops and phones would remain affordable.

Earlier on Sunday, Trump’s commerce secretary, Howard Lutnick, made it clear that critical technology products from China would face separate tariffs along with semiconductors within the next two months.

Trump’s constantly alternating views on tariffs have triggered the most extreme rise and fall in the stock market since the COVID pandemic of 2020.

After announcing sweeping import taxes on dozens of trade partners, Trump suddenly issued 90-day reprieve for most of them except China.

US Senator Elizabeth Warren, a Democrat, criticized the latest revision to Trump’s tariff plan, and said, “There is no tariff policy, only chaos and corruption.”

Meanwhile, during the escalating trade war with the US, China has sought to strengthen its ties with other countries.

China’s President Xi Jinping arrives in Vietnam on Monday as part of a five-day tour that will also take him to Malaysia and Cambodia.

Source: Presstv

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