Which goods & items are exempt from Trump’s new tariffs?
On Wednesday, April 2, US President Donald Trump announced a series of reciprocal tariffs on various imported goods. The tariffs, aimed at reducing the trade deficit, are set to take effect in the coming months. However, not all goods have been affected by the new tariffs. In fact, certain commodities have been kept out of the ambit of the tariffs, much to the relief of several countries, including India.
In this blog post, we will explore which goods and items have been exempt from Trump’s new tariffs. From pharmaceuticals to semiconductors, we will examine the list of exemptions and what it means for the global economy.
Pharmaceuticals: A significant exemption
The pharmaceutical industry has been given a major reprieve, with nearly $9 billion worth of exports from India being exempt from the tariffs. This is a significant development, given the importance of the pharmaceutical sector to India’s economy. The country is home to several major pharmaceutical companies, including Sun Pharma, Dr. Reddy’s Laboratories, and Lupin.
Pharmaceuticals are a critical component of the global healthcare system, and the exemption is likely to be welcomed by patients and healthcare providers alike. The exemption also highlights the importance of the pharmaceutical sector to the US economy, with many American patients relying on imported medicines.
Bullion: Physical gold and silver of high purity
Gold and silver bullion have also been exempt from the tariffs, with the US Treasury Department announcing that physical gold and silver of high purity will not be subject to the new duties. This is likely to be a relief to investors and collectors who rely on importing high-quality gold and silver coins and bars.
The exemption is also significant, given the importance of the precious metals market to the global economy. Gold and silver are widely used as a store of value, and the exemption is likely to have a positive impact on the industry.
Energy and minerals
The energy and minerals sector has also been given a reprieve, with several key commodities being exempt from the tariffs. These include:
- Copper: A key component of many manufacturing processes, copper is used in a wide range of industries, including construction, automotive, and electronics.
- Steel: Another critical component of many manufacturing processes, steel is used in a wide range of industries, including construction, automotive, and consumer goods.
- Aluminium: A lightweight and versatile metal, aluminium is used in a wide range of industries, including aerospace, automotive, and consumer goods.
- Semiconductors: A critical component of many modern technologies, semiconductors are used in a wide range of industries, including electronics, automotive, and aerospace.
- Lumber articles: Timber and wood products are another key commodity that has been exempt from the tariffs.
The exemption of these commodities is likely to be welcomed by industries that rely on them, and is a significant development for the global economy.
Other exemptions
In addition to the commodities listed above, several other goods and items have been exempt from the tariffs. These include:
- Food and beverages: A range of food and beverages, including fruits, vegetables, meat, dairy products, and wine, have been exempt from the tariffs.
- Medical devices: Medical devices, including insulin pumps, pacemakers, and other critical medical equipment, have been exempt from the tariffs.
- Scientific instruments: Scientific instruments, including microscopes, spectrophotometers, and other laboratory equipment, have been exempt from the tariffs.
The exemption of these goods and items is likely to be welcomed by consumers and industries that rely on them, and is a significant development for the global economy.
Conclusion
In conclusion, while the tariffs announced by US President Donald Trump are likely to have a significant impact on the global economy, certain goods and items have been exempt from the tariffs. From pharmaceuticals to semiconductors, the list of exemptions is significant, and is likely to have a positive impact on industries and consumers alike.
As the global economy continues to evolve, it is likely that the exemptions will be closely watched by investors, policymakers, and consumers alike. The news source of this information is:
