- On April 11, 2025, President Trump issued a memorandum exempting specific electronic goods, such as smartphones and semiconductor components, from additional tariffs under his Reciprocal Tariff Policy, effective from April 5, 2025.
- The exemption applies only to additional tariffs imposed under the Reciprocal Tariff Policy, while existing tariffs from the International Emergency Economic Powers Act (IEEPA) remain in effect.
- Businesses should conduct duty-impact analyses, review import data for refunds, and establish compliance processes to adapt to these changes in trade regulations and tariffs.
Source EY
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