As our top man Anthony Bondain pointed out in his morning review, tariffs are becoming complicated to navigate, a sentiment shared even by US asset managers. Rates fluctuate according to sector, country and sometimes even the time of day. At the end of the week, it was the technology sector that found itself in the spotlight, with the Republican president taking a number of positions - some of them contradictory. Between an exemption that isn't really an exemption, an investigation into semiconductors, and general confusion, vagueness reigns over tech.
From exemption to floor tariff
Some industry heavyweights, such as Apple, reacted swiftly to the continuing increase in tariffs between China and the US. Under pressure, Donald Trump announced that smartphones and computers would escape the tariffs. An exception? Not so simple.
In the wake of this announcement, the American president backtracked, explaining that the exemption would only be partial. A rate of 20% would eventually be applied, which seems to be a "floor rate" for the head of state regarding China, but here again, the measure is only temporary. At the same time, Washington is already preparing a new customs measure specific to electronics, which will be unveiled within a month.
From Stargate to tariffs
On the semiconductor side, the rhetoric has also evolved. Initially included in the general tariffs, the sector had been left out... before being mentioned again. Now, the President has announced that a specific system is being drawn up, with certain exceptions already envisaged.
"We are looking at semiconductors and the ENTIRE ELECTRONICS SUPPLY CHAIN as part of the upcoming national security tariff investigations," Donald Trump wrote on Truth Social. He then clarified that there would be "some flexibility" for certain companies.
A positioning that recalls two key elements: on the one hand, the threats made by Donald Trump of 100% tariffs towards TSMC; on the other hand, the Stargate project, a great promise of industrial relocation in the semiconductor industry, spectacularly announced at the very start of his second term in office, seems to be a distant memory. Today, between announcements and counter-announcements, the entire technology sector is sailing at a loss.
