Are you considering buying a new iPhone or smartphone soon? You might be in luck with recent tariff exemptions. President Donald Trump has granted exemptions on tariffs aimed at imports from China, which include smartphones, computers, processing chips, and other electronics. Initially, the price of an iPhone was expected to skyrocket under Trump’s plan to impose high tariffs on Chinese imports. However, the recent exemptions have been welcomed by the tech industry. Analysts believe this move is a relief for companies like Apple, Microsoft, and Nvidia. While tech products are still subject to some tariffs imposed in retaliation for certain practices in China, the exemptions bring optimism to the market. This development is particularly good news for consumers, as it could prevent significant price increases on tech products. The US tech industry is hopeful that more exemptions will follow in the future, which could further benefit both businesses and consumers.
The passage of the 2022 Formula Act in the category saw the removal of tariffs on imported baby formula due to a nationwide shortage. Corrections have been made to the story. For more updates, follow reporter Mike Snider on various platforms or email him at msnider@usatoday.com. Stay informed by signing up for our trending newsletter. Learn more about the recent tariff break for iPhones and other tech products and how it may impact prices.
