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TRUMP STRIKES AGAIN! Huge Win for Big Tech as Smartphone Tariffs Get AXED!
In a jaw-dropping turn of events, the Trump administration has pulled the rug out from under its own monumental tariffs, EXCLUDING smartphones and consumer electronics! Yes, you read that right! Big Tech is celebrating as the White House scrambles to soothe the chaos in global markets after igniting a full-blown trade war!
Late Friday evening, Customs and Border Protection dropped the bombshell announcement: smartphones, routers, chipmaking equipment, and a few other tech treasures will be spared from the MASSIVE 125% tariffs that have been wreaking havoc on the stock market since "liberation day" on April 2. This stunning move is a BIG victory for Apple, Nvidia, and Microsoft, leaving investors both thrilled and confused!
What’s behind this stunning exemption? It’s a glimmer of hope amidst the storm of aggressive trade tactics, as Trump’s tariffs against China ramped up over the last week, sending Wall Street into a frenzy and wiping out BILLIONS in market value! Remember the $700 billion that vanished from Apple’s worth? Yeah, that just happened!
But wait, there’s more! While some sectors are dodging the bullet, Trump retains a 10% tariff on most trading partners and is keeping his finger hovering over other industries, including pharmaceuticals and semiconductors, because why wouldn’t he?
Apple is breathing easier for now! With 80% of its iPhones still manufactured in the heart of China, this exemption is a lifeline during turbulent times. But what about the workers in Zhengzhou? They’re nervously watching as rising tensions threaten their livelihoods.
In a twist, earlier this week, Trump hinted that US companies might get a pass, but don’t hold your breath—he made it clear that decisions will be taken on a whim! Experts like Chad Bown are whispering about déjà vu, reminding us of similar exemptions from past trade wars. Will this so-called "relief" stick, or will Trump whip out those tariffs again faster than you can say “trade war”?
And hold the phone! It seems that the new exemptions don’t even touch the 20% tariffs slapped onto all Chinese imports in response to fentanyl concerns. What’s going on here?
Economists are ringing alarm bells, warning that these sweeping tariffs could unleash a tidal wave of inflation across America! New York Fed chief John Williams warns that inflation could soar to a staggering 4% because of Trump’s trade blunders!
Stay tuned, because this story is FAR from over! Will Big Tech thrive, or will tariffs reignite the chaos? With the stakes impossibly high, everyone is on the edge of their seats, waiting to find out what’s next in this outrageous game of trade!
photo credit: www.ft.com
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