The US Customs and Border Protection (CBP) announced on April 12 that smartphones, computers, and several other electronic products imported from China are now exempt from the 125% retaliatory tariff.
According to UBS, the total value of Chinese goods included in the CBP exemption list is approximately US$100 billion. Some of these products had already been exempted from the retaliatory tariff or were subject to other industry-specific tariffs, such as the steel tariff on Feb. 10, the aluminum tariff on Feb. 11, and the automotive and parts tariff on March 26.
UBS's economist highlighted that after removing overlapping items, the net value of newly exempted Chinese goods from the 125% retaliatory tariff in 2024 is estimated to be US$60-65 billion, accounting for 13-15% of total US imports from China.
However, despite the exemptions, technology products on the CBP exemption list could face new sector-specific tariffs in the coming months, UBS said.
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