Which Goods & Items are Exempt from Trump’s New Tariffs?
In a move that has sent shockwaves across the global economy, US President Donald Trump announced a new set of reciprocal tariffs on Wednesday, April 2. The tariffs, which are aimed at levying a 25% duty on $50 billion worth of Chinese goods, have been met with widespread criticism from trade experts and industry leaders. However, amidst the chaos, a number of commodities have been kept out of the ambit of the tariffs. In this blog post, we will take a closer look at the goods and items that are exempt from Trump’s new tariffs.
Pharmaceuticals are one of the key exemptions from the tariffs. According to a report by MoneyControl, pharma products comprise nearly $9 billion worth of exports from India. This is a significant relief for Indian pharmaceutical companies, which were worried about the impact of the tariffs on their exports. The exemption of pharma products from the tariffs is a welcome move for the Indian industry, which is already reeling under the impact of the US-China trade war.
Another item that is exempt from the tariffs is bullion, which includes physical gold and silver of high purity. This means that investors and consumers can continue to buy and sell gold and silver without worrying about the additional duty. The exemption of bullion from the tariffs is a significant relief for investors, who were worried about the impact of the tariffs on the prices of precious metals.
Energy is another commodity that is exempt from the tariffs. This includes oil, natural gas, and other forms of energy. The exemption of energy from the tariffs is a welcome move for the energy industry, which is already facing challenges due to the US-China trade war.
Some minerals that are not available in the US are also exempt from the tariffs. This includes minerals such as rare earth minerals, which are used in the production of high-tech products such as smartphones and laptops.
Copper is another commodity that is exempt from the tariffs. Copper is an essential mineral that is used in a wide range of industries, including construction, manufacturing, and electrical. The exemption of copper from the tariffs is a welcome move for the copper industry, which is already facing challenges due to the US-China trade war.
Steel and aluminum are two other commodities that are exempt from the tariffs. These metals are used in a wide range of industries, including construction, manufacturing, and transportation. The exemption of steel and aluminum from the tariffs is a welcome move for the steel and aluminum industry, which is already facing challenges due to the US-China trade war.
Semiconductors are another type of goods that are exempt from the tariffs. Semiconductors are used in the production of high-tech products such as smartphones, laptops, and televisions. The exemption of semiconductors from the tariffs is a welcome move for the semiconductor industry, which is already facing challenges due to the US-China trade war.
Lumber articles are another type of goods that are exempt from the tariffs. Lumber articles include wood products such as plywood, veneer, and wood pellets. The exemption of lumber articles from the tariffs is a welcome move for the lumber industry, which is already facing challenges due to the US-China trade war.
In conclusion, while Trump’s new tariffs have sent shockwaves across the global economy, certain commodities have been kept out of the ambit of the tariffs. Pharmaceuticals, bullion, energy, some minerals not available in the US, copper, steel, aluminum, semiconductors, and lumber articles are among the goods and items that are exempt from the tariffs. The exemption of these commodities from the tariffs is a welcome move for the industries that rely on them, and is a sign that the US government is willing to listen to the concerns of industries that are affected by the tariffs.
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