Trump tariffs live updates: Phones, computers, chips exempt from new tariffs

Trump tariffs live updates: Phones, computers, chips exempt from new tariffs

Trump's 145% tariff on China was expected to hit tech companies.

President Donald Trump on Thursday said he would return to the higher tariff rates announced last week if he can't reach a deal with trading partners during the 90-day pause he announced on Wednesday.

Trump defended the tariffs he imposed on other nations but acknowledged some problems with the rollout in a meeting with his Cabinet, "but in the end it's going to be a beautiful thing."

Meanwhile, the White House raised the tariffs on all Chinese exports to 125% after Beijing's latest round of retaliation -- that's in addition to the 20% fentanyl-related tariffs imposed in early February, which brings the total rate for China to 145%, according to the White House.

President Donald Trump said he'll share more details on Monday on his plan for separate tariffs on semiconductor chips.
Asked about the plan by reporters aboard Air Force One on Saturday, Trump said, "We’ll be very specific on Monday. We're taking in a lot of money. As a country, we’re taking in a lot of money."

The comments came after the Trump administration announced that smartphones, computers, chips and other electronics would be exempt from the escalating tariffs Trump has imposed on other Chinese imports, which now stand at 145%.