Trump's plan to impose tariffs on semiconductors and pharmaceuticals isn't a big threat at face value – chips and pharma only make up a small fraction of China's exports to the US. But there is a risk that the tariffs also end up being levied on some consumer electronics like smartphones and laptops, resulting in a more significant hit to Chinese manufacturers. Apple successfully lobbied for these products to be excluded from Trump's reciprocal tariffs. But the company now appears to have secured an exemption for itself (and other companies making US investments).
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