Watch live coverage as U.S. Markets react after a surprise U.S. tariff exemption from President Donald Trump gave tech names a lift to start the week. Trump exempted smartphones and computers as well as other devices and components like semiconductors from his new “reciprocal” tariffs, according to new U.S. Customs and Border Protection guidance issued late Friday. However, those advances may be held in check after Trump and his Commerce secretary, Howard Lutnick, then suggested Sunday that the exemptions aren’t permanent, stirring up more tariff uncertainty. Trump said in a Truth Social post that these products are still “subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff ‘bucket.’” The developments come as shares of the “Magnificent Seven” have come under pressure in the wake of the president’s “liberation day” tariff announcement earlier this month.
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LIVE: Markets react as traders digest latest Trump tariff-related fallout