US Exempts Certain Technology Products from Mutual Tariffs
The US Customs and Border Protection Agency has announced that certain products will be exempted from additional tariffs as part of a new regulation. This includes items such as computers, smartphones, chips, machines used in chip production, processors, modems, and solar panels.
The exemption for these products will come into effect for any imports or withdrawals from the warehouse made after April 5th. This decision follows US President Donald Trump’s announcement of mutual tariff rates for trade partners on what he called “Day of Independence” on April 2.
Trump stated that the basic tariff ratio would be set at 10 percent, with varying rates depending on the country’s tariffs and non-tariff barriers. Additionally, on April 9, Trump halted additional tariffs for all trade partners except for China for a period of 90 days. In response to tariffs with retaliation, a “mutual” tariff rate of 125 percent was imposed.
This new regulation aims to ease the financial burden on certain industries and promote fair trading practices. It will be interesting to see how these changes impact the global trade landscape in the coming months.
