Photo: Getty Images/SAUL LOEB
Smartphones, computers, semiconductors and other electronics will be exempt from the increased duties previously imposed by the Donald Trump administration. The US Customs and Border Protection has issued the order, CNBC reports.
The new rules provide for the exemption from customs regulation of a number of key technological goods, including:
- mobile phones and computers;
- semiconductors and solar panels;
- TV displays;
- flash drives and memory cards;
- devices for storing information.
The decision was a response to pressure from the tech industry, which was threatened by the 125% tariff on Chinese products. The new tariffs could have hit companies such as Apple, which manufactures most of its devices in China, hard.
At the same time, the duties have also had a negative impact on Donald Trump’s personal financial situation. According to Forbes, his wealth has fallen by $500 million, from $4.7 billion to $4.2 billion, amid a new trade confrontation with China.
The easing of customs duties on imported electronics is expected to help avoid a shortage of goods and rising prices for technology products in the US domestic market.
