0:00
over the weekend there was a moment of
0:01
relief for tech companies as Trump
0:03
announced exemptions for smartphones and
0:05
other tech products but it was
0:07
shortlived the US president posted on
0:09
Truth Social on Sunday night that nobody
0:11
is getting off the hook from tariffs and
0:14
that there were never any exceptions on
0:16
tech in the first place so some
0:18
highlights from that Truth Social post
0:19
trump described the 20% baseline tariffs
0:22
that were in place before his so-called
0:24
liberation day as fentinel tariffs he
0:27
slammed China as a hostile trading
0:29
nation and he claimed in all caps to be
0:32
looking at the whole electronic supply
0:34
chain before of course U-turning on the
0:36
exemption trump's commerce secretary
0:38
Howard Lutnik confirmed that there would
0:40
be a comeback for these tariffs he said
0:42
we need our medicines and we need our
0:44
semiconductors and our electronics to be
0:46
built in America lutnik suggested that
0:49
there could be levies on semiconductors
0:51
in a month or two and after a week full
0:53
of brinkmanship between the US and China
0:56
the trade war shows no particular sign
0:58
of cooling down china has stopped
1:00
exports of a number of critical minerals
1:02
and magnets these are raw materials that
1:05
are absolutely crucial to manufacturing
1:07
everything from consumer electronics to
1:09
defense systems beijing has already
1:11
suspended the exports of six rare earth
1:13
minerals that produce many of these
1:15
magnets and China dominates 90% of the
1:19
world's supply on Monday electronics
1:21
giant Sony announced that its
1:22
PlayStation 5 console is going to see a
1:24
roughly 10% price hike in Europe
1:27
Australia and New Zealand blaming the
1:30
rise on a challenging economic
1:32
environment and in an ominous sign for
1:34
US consumers there is no word yet on an
1:36
updated American price in the meantime
1:39
the firms which manufacture consumer
1:40
electronics medicine and even military
1:43
equipment will be feeling the squeeze
1:45
both from looming US tariffs and
1:47
imminent shortages of materials from
1:49
China trump has promised more details on
1:51
exactly how or even if the exemptions
1:54
would work early this week and China has
1:57
called on Trump to completely cancel his
1:58
package of tariffs but the US president
2:00
as ever shows no signs yet of backing
2:03
down for all the latest on this story as
2:05
it develops head to cityam.com
