US President Donald Trump took to Truth Social on Wednesday to declare that the US is collecting “RECORD NUMBERS” in tariffs while prices of “gasoline, groceries, and just about everything else” are falling — a message of economic victory under his leadership: “Promises Made, Promises Kept!”
But his celebration comes as confusion deepens around his administration’s latest moves on electronics tariffs, particularly those targeting China. On Friday, US Customs and Border Protection announced a pause on new taxes for consumer electronics, offering a temporary reprieve to companies like Apple and HP. Yet within 48 hours, Commerce Secretary Howard Lutnick contradicted that position, stating the exemption was only temporary and new, sector-specific tariffs would arrive “in a month or two.”
Trump himself added to the chaos on Monday, posting that there were “no exceptions at all,” and that electronics would “just move to a different bucket” — likely referencing a 20% levy imposed under fentanyl-linked enforcement rules.
China pushes back
China’s Commerce Ministry welcomed the last week’s exemption but swiftly called for the US to cancel all tariffs. President Xi Jinping, writing in state media, warned of “no winners in a trade war,” while Beijing prepared further export controls on rare earth minerals used in US chipmaking and EV batteries.
Since January, the US has slapped tariffs totaling 145% on a range of Chinese imports. China has responded with 125% in retaliatory duties.
For consumers, no clear win yet
While the electronics reprieve could delay price hikes, economists warn the relief is both temporary and partial. Many products remain under older tariffs, and new levies are expected to raise costs again — undermining Trump’s claims that prices are falling.
Dipanjan Chatterjee of Forrester urged caution, saying companies like Apple should “have a Plan B” while working behind the scenes to avoid blowback. Trump claimed he helped Apple CEO Tim Cook secure the partial exemption after a call last week.
Wall Street wavers
Markets showed modest gains after the electronics reprieve, with the S&P 500 up 0.2%, though traders remained wary. Chatterjee noted businesses are increasingly hesitant to react to policies that can be “thrown out with Sunday’s brunch leftovers.”
Despite Trump’s upbeat messaging, the business world appears stuck between celebration and caution — waiting for the next tweet, tariff, or turnaround.
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