Trump official: Temporary customs exceptions for technology-Warren criticizes the trade war

Trump official: Temporary customs exceptions for technology-Warren criticizes the trade war

CNN-Minister of Commerce Howard Lutnick said that the decision of the Trump administration on Friday, to decrease electronic devices such as smartphones, iPhones and laptops from tariffs, is only a temporary relief. However, these products are subject to separate levies, which leads to additional confusion in the chaotic introduction of tariffs to Chinese goods.

confusion about customs exceptions

"Electronic items are except for the mutual tariffs, but are taken into account in the tariffs on semiconductors that will probably arrive in one or two months," said Lutnick in the Sunday interview with Jonathan Karl of ABC News' "This Week". On Friday, a message from the US customs and border protection contained information about electronic products that are excluded from the mutual tariffs to Chinese goods.

In the program "State of the Union" by CNN, the democratic senator from Massachusetts, Elizabeth Warren, described the confusion about the changing customs rates and the fact that smartphones and computers were spared from the mutual tariffs as "chaos and corruption".

influence on investors

"Investors will not invest in the United States if Donald Trump 'red light, green light' plays with tariffs and says: 'Oh, and there is a special exception for my special donors," Warren continued. Analysts from Wedbush Securities described the customs exceptions for electronic articles as "the best news for technology investors" and explained that companies such as Apple, NVIDIA, Microsoft and the entire technology industry can be relieved to Monday.

Defense of tariffs by Trump authorities

The tariffs of the Trump administration have a dramatic decline in the Aktienmarktes led and the consumer confidence on the Secondest Stand Lurn down since 1952 . In addition, Review fears . Nevertheless, the Trump administration states that the tariffs strengthen the US economy by boost production and protecting jobs.

future developments

Trump authorities did not agree on the description of the late announcement on Friday, but emphasized that an investigation into the national security effects of semiconductor imports would be carried out. Then Trump could again raise specific tariffs on electronic items. The Senior Trade Advisor of the White House, Peter Navarro, the sales representative Jamieson Greer and the director of the National Economic Council, Kevin Hassett, spoke in news programs on Trump's customs policy on Sunday.

In an interview in the NBC show "Meet the Press with Kristen Welker", Navarro commented without confirming new conversations with China, but he said "we have renewed our invitation to you" and Trump care for a "good relationship" with China's President Xi Jinping.

global trade policy

The tariffs on imports from China amount to 145 %, while the Chinese government responded to all US imports with 125 % tariffs. President XI said that his country was "not afraid", but indicated that the tariffs to the United States will not increase over 125 %. Hassett said in the program "State of the Union" that 130 countries negotiate about tariffs with the United States, while Trump's 90-day break applies to mutual tariffs, except for China.

economic uncertainties

The uncertainty about the tariffs expressed warrings, which described the situation as unclear. Former finance minister Larry Summers called customs policy on the program "Fareed Zakaria GPS" "The worst self -indebted wound through economic policy" since the Second World War. "It is wrong with regard to competitiveness, wrong in relation to unemployment, wrong in terms of inflation ... The best we can hope is that people will come back to reason and reverse these mistakes," said Summers.

suitable measures for the future

Warren and other experts asked to pursue a clear and consistent trade policy in order to promote the willingness to invest. The Billionärs investor Ray Dalio said that Trump's trade guidelines were "very disruptive". With regard to a possible recession, Dalio said that America was "very close to a recession".

jpmorgan estimates the likelihood of a recession to 60 %, Goldman Sachs to 45 %. "If you look at tariffs, debts and rising powers that challenge the existing power, these factors are extremely disruptive," continued Dalio.

summarized the situation around the US customs policy remains uncertain, and both companies and investors pursue developments with great interest.

This report was supported by CNN’s Elisabeth Buchwald.