Commerce Secretary, Howard Lutnick, announced that tariffs on smartphones and other electronics are coming soon. Despite exemptions announced by President Trump last week, the nation and the world are preparing for more tariffs. Lutnick stated that a “special focus” tariff on smartphones, computers, and electronics will be implemented within two months.
Financial markets have been struggling due to the uncertainty surrounding tariffs on products from various nations and industries. Temporary tariff rollbacks provided some relief, but concerns about inflation and a possible recession remain. Global technology stocks saw gains after the latest tech exemptions, with US stock futures pointing towards gains.
Billionaire investor Bill Ackman, a Trump supporter, called for a three-month pause on tariffs with China to allow for negotiations. Forecasters have a bleak outlook on the US economy, with a near-stall predicted in growth and a 47% chance of recession. Trump’s approval ratings on the economy and inflation have decreased, with more than half of respondents viewing the state of the economy as bad.
Overall, the ongoing tariff tensions and uncertainty surrounding trade policies have led to concerns about the impact on the economy and financial markets. Despite some temporary exemptions and rollbacks, the future remains uncertain as negotiations and tensions with China continue.
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