Recent changes to tariff policies under the Trump administration have caused significant turmoil in the market, particularly affecting the tech industry. Exemptions for key electronic products from tariffs initially eased concerns, but subsequent statements indicated these exemptions would be short-lived. As well, potential new tariffs linger, increasing policy uncertainty. This combined with global trade tensions and federal inquiries into imports has led to market sell-offs, prompting warnings from Federal Reserve leadership about the risk of severe economic disruptions. Former Commerce Secretary Wilbur Ross remains a pivotal figure in navigating these turbulent trade waters.
Customs and Border Protection declared key electronic goods such as semiconductors and smartphones exempt from Trump’s universal tariffs, calming Big Tech jitters temporarily.
Commerce Secretary Lutnick informed that exemptions would be temporary, and specialized new tariffs would soon follow on electronic gadgets, further complicating the trade policy.
The jumble of policies led to a tech-stock selloff and market declines, as Fed Chair Powell warned of economic turmoil fueled by tariffs.
Wilbur Ross, as commerce secretary, was instrumental in initiating Trump’s trade war, laying the groundwork for new tariffs during his administration.
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