Which Goods & Items Are Exempt from Trump’s New Tariffs?
On Wednesday, April 2, US President Donald Trump announced a new set of reciprocal tariffs on various goods imported from several countries, including China, India, and the European Union. The tariffs, aimed at addressing the trade imbalance and protecting American industries, have been met with widespread criticism from businesses and trade experts. While many goods have been caught in the crossfire, there are certain commodities that have been spared from the tariffs. In this blog post, we will take a closer look at the items that have been exempt from Trump’s new tariffs.
Pharmaceuticals
Pharmaceuticals have been a significant exception to the tariffs. According to a report by Moneycontrol, pharmaceutical products worth nearly $9 billion from India have been exempt from the tariffs. This is a significant relief for the Indian pharmaceutical industry, which has been facing intense competition from generic drugs produced in the US. The exemption also comes as a welcome respite for patients who rely on these medications for their health.
Bullion
Physical gold and silver of high purity have also been exempt from the tariffs. This is a significant relief for investors and traders who use these precious metals as a store of value and a hedge against inflation. The exemption is also a welcome respite for jewelry manufacturers who rely on these metals for their production.
Energy
Energy products, including oil and natural gas, have been exempt from the tariffs. This is a significant relief for energy companies and consumers who rely on these products for their daily needs.
Some Minerals Not Available in the US
Certain minerals that are not available in the US have also been exempt from the tariffs. These minerals, which are used in the production of electronics and other high-tech products, are critical to the US economy.
Copper
Copper, a crucial metal used in the production of electronics and other products, has also been exempt from the tariffs. This is a significant relief for companies that rely on copper for their production.
Steel and Aluminum
Interestingly, steel and aluminum, which have been the subject of much controversy in recent times, have also been exempt from the tariffs. This is a significant relief for the steel and aluminum industries, which have been facing intense competition from imported products.
Semiconductors
Semiconductors, which are used in the production of electronics and other high-tech products, have also been exempt from the tariffs. This is a significant relief for companies that rely on semiconductors for their production.
Lumber Articles
Lumber articles, including wood and paper products, have also been exempt from the tariffs. This is a significant relief for companies that rely on these products for their production.
Why These Items Were Exempted
So, why were these items exempted from the tariffs? According to trade experts, the exemption of these items is a strategic move by the US government to avoid disrupting the supply chain and to protect critical industries. The exemption also comes as a result of intense lobbying by industry associations and companies who rely on these products.
Conclusion
In conclusion, while Trump’s new tariffs have caused widespread disruption in the global trade landscape, certain commodities have been spared from the tariffs. Pharmaceuticals, bullion, energy, some minerals not available in the US, copper, steel, aluminum, semiconductors, and lumber articles are among the items that have been exempt from the tariffs. The exemption of these items is a welcome respite for industries and consumers who rely on them for their daily needs.
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