Trump threatens tariffs on smartphones and chips: 'Exceptions were a gesture, not a new norm'

US President Donald Trump continues to escalate tariff pressure on China. After already announcing duties of up to 145% on a number of Chinese goods, on April 14 he announced his intention to expand tariff restrictions to segments that had previously been temporarily excluded, in particular smartphones, laptops and semiconductors.

“We gave the waivers as a gesture — not as a new norm,” Trump said in an interview published in The Guardian, adding: “The next round of tariffs will be much broader.”

The White House says the measures are aimed at reducing dependence on China in critical industries including technology, pharmaceuticals and microelectronics. It is also considering targeted subsidies for American manufacturers to offset rising domestic prices.

Beijing's response and the "gray channels"

China responded quickly, imposing mirror tariffs of up to 125% on American products and imposing export restrictions on rare earth metals needed to make electronics and electric vehicles.

As The Australian reports , Chinese exporters have begun using “grey channels”: shipping products through third countries – such as Vietnam or Malaysia – to avoid US tariffs.

In parallel, Beijing has stepped up regional trade diplomacy, including fast-tracking free trade agreements with Indonesia, the UAE and Argentina.

Financial impact: A blow to both economies. The tariff escalation had an immediate impact on the markets.

• The S&P 500 fell more than 10% in the 48 hours after the "next wave" of tariffs was announced ( The Guardian ).

• As MarketWatch notes , Americans have begun “panic buying” of basic goods—coffee, oil, household chemicals—amid expectations of rising prices.

• As a result, prices for household goods rose by an average of 7.6%, and for electronics by 12.3%, according to industry associations.

In China, the situation is no less tense:

• According to Reuters, economic growth in China in 2025 will likely not exceed 4.5%, which is below the official target (5%).

• Exports to the US could fall by 66%, threatening up to 20 million jobs in Chinese export sectors.

The escalation between the US and China goes beyond tariff logic and becomes an element of global geopolitics.

Amid the US election campaign, Trump is stepping up his rhetoric and economic pressure in an effort to demonstrate his determination to "restore trade fairness."

However, the consequences of this course are becoming painful not only for China, but also for the American economy itself.

Analysts warn that without de-escalation mechanisms and international coordination, the trade war could escalate into a systemic crisis of confidence that could impact global supply chains, currency stability and financial market dynamics in the coming years.