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Investing.com – Global tech stocks rallied on Monday as investors hoped select segments of the technology sector would ultimately avoid the full brunt of the trade measures.
U.S. Commerce Secretary Howard Lutnick said the exemption of electronic devices from the Trump administration’s sweeping tariffs is only temporary, adding to confusion around the already chaotic rollout of duties on Chinese goods.
Speaking on ABC’s This Week, Lutnick said smartphones, laptops, and similar electronics were spared from the current round of reciprocal tariffs but would be included in upcoming levies tied to the semiconductor sector.
“(Electronics are) exempt from the reciprocal tariffs, but they’re included in the semiconductor tariffs, which are coming in probably a month or two,” Lutnick said.
In U.S. pre-market trading, Apple Inc (NASDAQ:AAPL) opened 5.7% higher while NVIDIA (NASDAQ:NVDA) rose 3%. Dell Technologies Inc (NYSE:DELL) shares were up as much as 7.8%.
On Friday, a notice from U.S. Customs and Border Protection listed electronic products as exempt from the 145% tariff rate imposed on Chinese goods under the new framework.
However, Lutnick emphasized the reprieve was not permanent and warned that tariffs targeting key sectors tied to national security will be imposed “in the next couple of months” and “not available for negotiation.”
President Donald Trump weighed in on the matter Sunday afternoon, taking to Truth Social to clarify the administration’s stance.
“NOBODY is getting ‘off the hook’ for the unfair Trade Balances, and Non Monetary Tariff Barriers,” Trump wrote, specifically singling out China.
“There was no Tariff ‘exception’ announced on Friday. These products are subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff ‘bucket.’ The Fake News knows this, but refuses to report it,” Trump said.
European and Asian tech stocks also advanced, with iPhone suppliers leading gains across the Asian region.