Trump: ‘NOBODY is Getting Off the Hook’ on Tariffs

 
It was a weekend of fresh twists on tariff trade policy for tech companies and investors:

• The Trump administration quietly announced in a filing late Friday that smartphones and several other categories of products would be exempt from sweeping tariffs imposed earlier this month. That amounts to a big reprieve for Apple and others that make many items in China.
• Commerce Secretary Howard Lutnick on Sunday warned that many tech products will still face separate levies in a month or two as part of a trade investigation into semiconductors under Section 232 trade law.
• Trump stressed in a social-media post Sunday that "NOBODY is getting 'off the hook'" on tariffs and that levies on tech products are simply moving to a different bucket.
• The economy is skirting recession, said hedge fund founder Ray Dalio, and economists have cut their outlook since Trump's April 2 announcement of shock-and-awe tariffs sent markets on a roller-coaster ride.

President Trump sought to bring some clarity on Sunday to the technology-related tariff exceptions for China that his administration rolled out over the weekend without much guidance.

“NOBODY is getting ‘off the hook’ for the unfair Trade Balances, and Non Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst!” the president posted on his social-media platform. 

“There was no Tariff ‘exception’ announced on Friday. These products are subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff ‘bucket.’”

After a brief blame-the-media claim, Trump continued: “We are taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN in the upcoming National Security Tariff Investigations." 

The Wall Street Journal reports Trump said the products need to be made in the U.S. and “we will not be held hostage by other Countries, especially hostile trading Nations like China, which will do everything within its power to disrespect the American People.”