Which goods & items are exempt from Trump’s new tariffs?
On Wednesday, April 2, US President Donald Trump announced reciprocal tariffs on various goods imported from several countries, including China, Mexico, Canada, and the European Union. The tariffs, aimed at reducing the trade deficit and promoting American trade, have been imposed on a wide range of products, including steel, aluminum, copper, and semiconductors. However, not all goods have been targeted by the new tariffs, and some have been kept out of the ambit of the reciprocal tariffs. In this blog post, we will explore which goods and items are exempt from Trump’s new tariffs.
Pharmaceuticals
Pharmaceutical products are one of the key exemptions from the new tariffs. According to a report by Moneycontrol, pharmaceutical products account for nearly $9 billion worth of exports from India. The exemption of pharmaceutical products is a significant relief for India, as the country is one of the largest suppliers of generic medicines to the US. The exemption of pharmaceutical products is likely to benefit not only Indian companies but also American patients who rely on these medicines for their health.
Bullion (Physical Gold and Silver of High Purity)
Another category of goods that has been exempt from the new tariffs is bullion, specifically physical gold and silver of high purity. This exemption is likely to benefit investors and collectors who purchase gold and silver as a hedge against inflation or for investment purposes.
Energy
Energy products, including crude oil, natural gas, and petroleum products, have also been exempt from the new tariffs. This exemption is significant, as energy products are a critical component of the global economy. The exemption of energy products will help to maintain stability in the global energy market and ensure a steady supply of energy to consumers.
Some Minerals Not Available in the US
Some minerals that are not available in the US have also been exempt from the new tariffs. These minerals, including rare earth minerals, are critical components of modern technology and are used in a wide range of products, including electronics, renewable energy systems, and medical devices. The exemption of these minerals will help to ensure a steady supply of critical components to American industry.
Copper
Copper, a critical component of modern infrastructure, has also been exempt from the new tariffs. Copper is used in a wide range of products, including electrical wiring, plumbing, and construction materials. The exemption of copper will help to ensure a steady supply of this critical material to American industry.
Steel and Aluminium
While steel and aluminum, two critical components of modern infrastructure, have been targeted by the new tariffs, some categories of these products have been exempt. For example, steel and aluminum used in the production of semiconductors, pharmaceuticals, and medical devices have been exempt from the tariffs.
Semiconductors
Semiconductors, critical components of modern electronics, have also been exempt from the new tariffs. Semiconductors are used in a wide range of products, including smartphones, computers, and medical devices. The exemption of semiconductors will help to ensure a steady supply of these critical components to American industry.
Lumber Articles
Lumber articles, including wood and wood products, have also been exempt from the new tariffs. This exemption is significant, as lumber articles are used in a wide range of products, including furniture, construction materials, and paper products.
Conclusion
In conclusion, while the new tariffs announced by President Trump have targeted a wide range of products, some goods and items have been exempt from the tariffs. Pharmaceuticals, bullion (physical gold and silver of high purity), energy, some minerals not available in the US, copper, steel, aluminium, semiconductors, and lumber articles are among the categories of goods that have been exempt from the new tariffs. The exemptions of these goods and items will help to ensure a steady supply of critical components to American industry and will benefit American consumers.
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