US duty exemptions for electronics are ‘temporary’, says trade secretary

The Trump administration’s exemption from customs duty for electronics can be short-lived.

Trade Secretary Howard Lutnick said on Sunday that the white house’s decision to exempt objects such as smartphones, computers and other consumer electronics from steep customs ducts earlier this month was only temporary.

A new set of tasks focused on semiconductors is expected within “a month or two,” he said.

“All these products come under semiconductors and they want a special type of focus for customs to ensure these products are reshaped,” Lutnick said during an interview at ABC’s this week.

The goal, he added, is to encourage the production of chip and flat panel in the United States and reduce the dependence on Asian production. The clarification follows a Bulletin from US Customs and Border Protection released late Friday, bringing a temporary exemption from a number of important electronics from the mutual duties announced by President Donald Trump earlier this month.

However, Lutnick emphasized that the same things would soon be swept up under a more targeted policy aimed at “national security” industries such as semiconductors and pharmaceutical drugs.

“We have to have chips and we have to have flat panels – we have to get these things done in America,” Lutnick said.

The price of Bitcoin fell approx. 1% on headlines reporting Lutnick’s words before returning to the $ 84,000 mark. The wider crypto market, measured by Coindesk 20 (CD20) index, has fallen approx. 1.6% in the last 24-hour period.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top