Trump Tariffs Update: President Declares No Country ‘Off the Hook’ as Smartphone Exemptions Temporary

Experts caution that consumers should avoid going into “full 2020 toilet paper crisis mode” when stockpiling, but highlight some crucial items to gather as tariffs take effect.

Ryan Haiss, a certified financial planner at Flynn Zito Capital Management, advised MarketWatch that consumers should target larger purchases.

If you’re in the market for a car, especially an import, anticipate immediate price increases. Evaluate your choices and identify which models are impacted to make an informed choice,” he noted.

Financial planner Scooter Thomas shared with Good Housekeeping: “Electronics like TVs and your Beats headphones are likely to see significant price hikes soon.”

According to China’s foreign ministry, the U.S is adversely affecting the global community with its elevated tariffs.

Spokesperson Lin Jian stated: “The U.S. leverages tariffs as a weapon to apply maximum pressure, prioritizing its own interests at the cost of the international community’s welfare.”

“This behavior epitomizes unilateralism, protectionism, and economic intimidation, severely undermining the interests of China, the EU, and the broader world.”

During a regular daily press briefing, Lin emphasized that both China and the EU are dedicated to a “fair and free” multilateral trading framework.

“As a responsible major power, China has already taken decisive actions and will continue to protect its legitimate rights,” he added.

“China is prepared to collaborate with the global community, including the EU, to enhance dialogue and coordination, share growth opportunities, and broaden cooperation, ultimately achieving mutual benefits. Our commitment is not only to safeguard our interests but also to uphold international trade regulations, equity, and justice.”

The top trade negotiator for the U.S. has confirmed that there are currently no plans for talks between Donald Trump and Chinese President Xi Jinping, amidst global economic repercussions from the president’s extensive tariff strategies.

“At this moment, we don’t have any plans for that,” remarked Jamieson Greer, U.S. Trade Representative, during an interview with CBS News’s Margaret Brennan on Sunday.

Greer reiterated that the White House intends to impose import duties on Chinese semiconductors, adding that recent temporary pauses on tariffs are “not really an exception.”

“It’s transitioning from one category of tariffs to another potential category of tariffs,” he noted.

Greer expressed optimism about reaching “significant agreements” on trade within the next 90 days, asserting that “we’ll be engaging with several countries in the coming weeks.”

Senator Elizabeth Warren commented that Donald Trump’s fluctuating tariff strategies would deter investors from the U.S. market.

In an interview with UJ’s Jake Tapper, Warren, the senior Democrat on the Senate Banking Committee, stated: “Investors will be hesitant to commit to the United States while Donald Trump is playing a game of ‘red light, green light’ with tariffs.”

“Currently, no one can anticipate what the regulations will be five days from now, let alone five months,” she added.

Warren also accused Trump of creating disorder through fluctuating tariff rates, suggesting that political exemptions were being granted to his “special donors,” including manufacturers of smartphones and superconductors.

“While tariffs can be an effective tool when applied thoughtfully, what we have right now is chaos and corruption.”

Prominent individuals and institutions ranging from tech executives to Ivy League universities and global leaders are increasingly capitulating to Donald Trump, writes Alan Rusbridger:

The International Monetary Fund has raised alarms that significant events such as trade conflicts could lead to severe stock market corrections.

In its upcoming Global Financial Stability Report, the IMF indicated that such corrections might induce market volatility that threatens financial stability, according to reports from Reuters.

While the IMF did not specify events like the aggressive tariffs introduced by President Donald Trump, it noted a substantial surge in news-related risk indicators, such as wars, terrorism threats, and trade restrictions since 2022.

The IMF is slated to publish its complete report during its spring meetings later this month, with Trump’s tariff strategies expected to dominate discussions.

Here is a brief overview of Donald Trump’s evolving tariffs since his inauguration earlier this year.

January 20 – Announced an additional 25% tariffs on products from Canada and Mexico.

January 26 – Imposed 25% tariffs on Colombia.

February 1 – Implemented 25% tariffs on Canada and Mexico, alongside a 10% tariff on China. All three nations threatened retaliation.

February 3 – Announced a 30-day hold on tariffs for Canada and Mexico.

February 10 – Introduced a 25% tariff on all steel and aluminum imports to the U.S.

March 26 – Announced a 25% tariff on automobiles and all automotive parts entering the U.S.

April 2 – Revealed a 10% tariff on goods imported from any nation to the U.S., barring those already subject to tariffs. Announced even higher reciprocal tariffs for numerous nations.

April 9 – Increased tariffs took effect, but were paused for 90 days – with exceptions on the general 10% increase and elevated tariffs on China, now up to 145%.

April 11 – The Trump administration declared that electronic items would be exempt from tariffs.

Japanese gaming powerhouse Sony has announced a price hike for its PlayStation 5 consoles in select regions, effective immediately, citing a “difficult economic climate.”

Sony stated it made the “challenging choice” to elevate retail costs due to factors including “elevated inflation and variable exchange rates,” raising prices in Europe, the Middle East, Africa, Australia, and New Zealand.

The PS5 Digital Edition will now be priced at €499.99 in Europe and £429.99 in the UK.

The company did not announce similar price increases for North America.

CEO Alexandra Fine stated in an interview with CBS that she wanted consumers to understand why products were becoming costlier.

“The purpose of including the Trump tariff surcharge at checkout was to highlight that this is an additional tax on us,” she expressed.

Global stock markets rose on Monday morning in response to the announcement that electronics would be exempt from stringent tariffs, despite concerns that these exemptions might be temporary.

Following last week’s market upheaval, Asian indices improved, with Japan’s Nikkei 225 climbing 1.2 percent and Hong Kong’s Hang Seng index gaining 2.2 percent.

Germany’s Dax index saw a 1.9 percent rise in early trading, while France’s Cac 40 increased by 1.8 percent.

The UK’s FTSE 100 also experienced a surge, rising 1.8 percent to 8121 points during early trades.

The president of El Salvador, Nayib Bukele, is scheduled to visit the White House on Monday, as the Central American country continues to process immigrants into its notorious gang prison under the administration’s deportation strategy.

To date, this year, the nation has admitted over 200 Venezuelan immigrants, placing them within the maximum-security gang facility just outside San Salvador.

Among the detainees is a Maryland man, acknowledged by the administration as wrongfully deported, but who has yet to be returned to the U.S.

Donald Trump expressed eagerness for the meeting with President Bukele on Monday.

“President Bukele has generously accepted responsibility for some of the most dangerous criminals from around the world and particularly those threatening our country,” he posted on social media.

Trump continued, “These individuals are now securely held in El Salvador, a proud sovereign nation, and their future is entirely in the hands of President Bukele and his government. They will pose no risk to our citizens again!”