On Saturday, the US announced exemptions on cell phones, chips and electronics coming from China.
On Sunday, they revealed the real plan: to change the type of tariff, not eliminate it.
And all this came after a chaotic sequence in relations with Beijing.
- 🔁 The crazy script before the “exemption”
Before the weekend relief, the climb went like this:
• Trump raises tariffs to 30%, then 84%
• China responds
• Trump goes to 145%
• China responds
• Trump says he wants a phone call from Xi
• China ignores
• Trump hints at a deal
• China ignores
• Trump backs down
- 💸 The announcement that excited the markets
On Saturday, the White House announced “tariff exclusions” on computers, cell phones and semiconductors.
Estimated impact: $100 billion/year, or about 23% of everything the U.S. imports from China.
It seemed like a clear retreat.
📈 Cryptos soar, Weekend Wall Street up nearly 3%.
- 🪤 Sunday : o tone changes
Commerce Secretary Howard Lutnick explained that products exempt from the reciprocal tariffs will fall under a new tariff model for semiconductors, expected in 1-2 months.
In other words: the charge remains — under another name.
- 🧾 From rigidity to reclassification
In less than a week, the tariff policy changed 3 times:
• “No exemption”
• Exemption with retroactive refund
• Exemption that will be replaced by another tariff
Result? The market (once again) woke up without understanding anything.
- 🛡️ The new justification: national security
According to the US Trade Representative, electronics are moving away from the logic of reciprocity and into that of national security.
This opens up space for new tariff categories — with broader and less predictable criteria.
- 🏭 Chips and medicines in the sights of industrial policy
Howard Lutnick said that semiconductors and pharmaceuticals will have their own tariffs to encourage production in the US.
“The president is personally involved,” he said.
It's the government trying to accelerate reindustrialization.
- 📉 Bitcoin crashed instantly
Shortly after Sunday’s comments, BTC plunged.
Stock futures are still expected to open positive, but without the momentum the market demonstrated on Saturday.
Optimism has reduced its strength.
- 🎯 And perhaps the real reason for the turnarounds are the yields
All these tariff adjustments seem to be synchronized with the interest rate market.
Trump wants to see lower yields before pushing again in international negotiations.
💥 Moral of the story?
• What was an “exemption” became a “reclassification”
• The name has changed, but the tax will remain
• And the backdrop seems to be more macro than commercial