President Trump announced a temporary exemption for smartphones and high-end electronics from steep tariffs, intended to encourage U.S. manufacturing. However, Commerce Secretary Lutnick clarified these exemptions are short-term, and new tariffs targeting semiconductors will be introduced in a month or two. The aim is to reduce dependency on foreign manufacturers. Despite ongoing tariff negotiations and concerns from economists about inflation and economic impacts, Lutnick remains optimistic about finding a resolution with China. Current tariffs on Chinese imports remain significant, causing volatility in the stock market and renewed uncertainty for the tech sector.