Faisal Islam: Trump’s iPhone olive branch is a significant trade war retreat

Well, well, well.
In a US customs messaging note quietly slipped out in the early hours of Saturday, a series of numbers were listed as exempt from the 125% tariff on goods entering the country from China.
The code “8517.13.00.00” means very little to most of the world, but in the US customs list it represents smartphones.
The inclusion meant that the number one Chinese export to America by value last year was exempted from the import taxes, alongside other electronic devices and components, including semiconductors, solar cells and memory cards.
In the context of the US Commerce Secretary Howard Lutnick just days ago announcing that part of the point of escalating tariffs on China was to bring back iPhone production to the US, this was a stunning about-turn.

Source: BBC | Language: English