Which goods & items are exempt from Trump’s new tariffs?
The latest round of trade tariffs imposed by the United States President, Donald Trump, has sent shockwaves across the global economy. However, not all goods and items are affected by these tariffs. There are certain commodities that have been kept out of the ambit of the reciprocal tariffs announced on Wednesday, April 2. In this blog post, we will explore the list of goods and items that are exempt from Trump’s new tariffs.
According to a report by Moneycontrol, pharmaceuticals, bullion (physical gold and silver of high purity), energy, some minerals not available in the US, copper, steel, aluminum, semiconductors, and lumber articles are among the items that have been exempted from the tariffs. This is significant news for India, as pharmaceutical products comprise nearly $9 billion worth of exports from the country.
The list of exempted items is quite extensive and includes:
- Pharmaceuticals: As mentioned earlier, pharmaceuticals are one of the key items that have been exempted from the tariffs. This is a significant relief for India, which is one of the largest suppliers of generic medicines to the US.
- Bullion: Physical gold and silver of high purity are also exempt from the tariffs. This is good news for investors and traders who were worried about the impact of tariffs on the prices of precious metals.
- Energy: Energy products, including crude oil, natural gas, and petroleum products, are exempt from the tariffs. This is a significant relief for countries that rely heavily on energy imports from the US.
- Minerals: Some minerals that are not available in the US, such as rare earth minerals, are also exempt from the tariffs. This is good news for countries that rely heavily on imports of these minerals.
- Copper: Copper, which is a key component in many electronics and industrial products, is also exempt from the tariffs.
- Steel: Steel, which is a key component in many construction and manufacturing products, is also exempt from the tariffs.
- Aluminum: Aluminum, which is a key component in many consumer products, is also exempt from the tariffs.
- Semiconductors: Semiconductors, which are a key component in many electronic products, are also exempt from the tariffs.
- Lumber articles: Lumber articles, such as wood and wood products, are also exempt from the tariffs.
The exemptions from Trump’s new tariffs are a significant relief for many countries, including India, which is one of the largest suppliers of goods and services to the US. The exemptions are a recognition of the fact that some goods and services are essential and cannot be subject to tariffs.
The tariffs, which were imposed on Wednesday, April 2, are part of a broader trade strategy announced by the US President, Donald Trump. The strategy aims to address the trade deficit between the US and its trading partners, including China, India, and others. The tariffs are designed to encourage American companies to produce goods and services domestically, rather than importing them from other countries.
While the tariffs are a significant concern for many countries, the exemptions are a recognition of the fact that some goods and services are essential and cannot be subject to tariffs. The exemptions are a welcome relief for countries like India, which relies heavily on exports to the US.
In conclusion, the exemptions from Trump’s new tariffs are a significant relief for many countries, including India. The list of exempted items is quite extensive and includes pharmaceuticals, bullion, energy, some minerals not available in the US, copper, steel, aluminum, semiconductors, and lumber articles. The exemptions are a recognition of the fact that some goods and services are essential and cannot be subject to tariffs.
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