U.S. ends "reciprocal tariffs" on smartphones, computers
(MENAFN) Late Friday, the U.S. Customs and Border Protection (CBP) released updated guidance that exempts smartphones, computers, and various electronic devices from its "reciprocal tariffs."
The CBP's announcement specifies that this exemption will apply to electronic products arriving in the United States after April 5. Additionally, the agency noted that businesses can request refunds for any "reciprocal tariffs" already paid on these items.
This decision marks a notable shift in tariff policy. “This is a massive U-Turn in tariff policy,” remarked the Kobeissi Letter, a financial newsletter on the social media platform X.
According to reports, this recent development could alleviate price pressures for consumers and potentially benefit major electronics manufacturers such as Apple Inc. and Samsung Electronics Co.
The broader tariff measures enacted by the U.S. government have previously led to fluctuations in financial markets and have drawn criticism from notable figures, including former Vice President Mike Pence.
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