U.S. Prepares New Tariffs on Tech Imports Amid Global Trade Tensions

U.S. Commerce Secretary Howard Lutnick has announced new tariffs on smartphones and computers, despite prior exclusions, intensifying trade tensions. The announcement comes amid volatile market reactions and criticism from investors and politicians. New duties target tech imports, with focus on boosting U.S. production for national security.

U.S. Commerce Secretary Howard Lutnick announced impending tariffs on smartphones, computers, and semiconductors, signaling another shift in President Trump's trade strategy with China. Speaking on ABC's 'This Week,' Lutnick stated that despite recent exclusions, these products would face new duties within two months.

The tech sector, including major players like Apple and Dell, momentarily benefited from exclusions announced late Friday. However, Lutnick's comments suggest the relief will be short-lived. The revised tariffs reflect Trump's ongoing adjustments that have caused significant market fluctuations, notably impacting the Standard & Poor's 500 index.

Critics, including Senator Elizabeth Warren, argue that the administration's erratic tariff plans cause economic instability, while investors like Ray Dalio express concern over the potential slide into recession due to these measures. Meanwhile, the administration indicates openness to negotiation with China, seeking resolution amidst escalating trade disputes.

(With inputs from agencies.)