Which Goods & Items are Exempt from Trump’s New Tariffs?
On April 2, US President Donald Trump announced reciprocal tariffs on certain goods imported from various countries, including China, Canada, and Mexico. The tariffs, which are set to take effect in the coming months, aim to address the trade deficit and protect American industries. However, not all goods have been targeted by the tariffs. Certain commodities have been kept out of the ambit of the tariffs, and in this blog post, we will explore which goods and items are exempt from Trump’s new tariffs.
Pharmaceuticals
Pharmaceuticals are one of the notable exemptions from Trump’s tariffs. This is significant because India, a major pharmaceutical exporter, stands to benefit from this exemption. In fact, pharmaceutical products comprise nearly $9 billion worth of exports from India. The exemption is a relief for Indian pharmaceutical companies, which were worried about the impact of tariffs on their exports to the US.
Bullion
Another commodity that has been exempt from tariffs is bullion, which includes physical gold and silver of high purity. This is good news for gold and silver investors, who can now breathe a sigh of relief. The exemption is also expected to benefit India, which is one of the largest consumers of gold in the world.
Energy
Energy is another sector that has been exempt from tariffs. This includes crude oil, natural gas, and other energy-related products. The exemption is significant because the US is a major consumer of energy products, and tariffs could have had a significant impact on the energy sector.
Some Minerals Not Available in the US
Some minerals that are not available in the US have also been exempt from tariffs. These minerals include rare earth minerals, which are used in a variety of high-tech products, including electronics and renewable energy technologies.
Copper
Copper is another commodity that has been exempt from tariffs. Copper is a vital component in a wide range of industries, including construction, automotive, and electronics.
Steel, Aluminium, and Semiconductors
Steel, aluminium, and semiconductors are also exempt from tariffs. Steel and aluminium are critical components in the production of a wide range of products, including automobiles, aircraft, and construction materials. Semiconductors, on the other hand, are used in a variety of high-tech products, including smartphones, computers, and televisions.
Lumber Articles
Finally, lumber articles have also been exempt from tariffs. Lumber is used in the production of a wide range of products, including furniture, construction materials, and paper products.
What Does This Mean for India?
The exemption of certain goods and items from Trump’s tariffs is significant for India, which is a major exporter of these products. The exemption of pharmaceuticals, bullion, and some minerals not available in the US is particularly good news for India, which exports these products to the US. The exemption is expected to help India’s trade balance with the US and protect Indian jobs.
Conclusion
In conclusion, not all goods and items have been targeted by Trump’s tariffs. Certain commodities, including pharmaceuticals, bullion, energy, some minerals not available in the US, copper, steel, aluminium, semiconductors, and lumber articles, have been exempt from tariffs. This is significant news for India, which is a major exporter of these products. The exemption is expected to help India’s trade balance with the US and protect Indian jobs.
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