According to U.S. Commerce Secretary Howard Lutnick, the tech industry is not entirely exempt from the impact of new tariffs.

On Friday evening, the Trump administration announced that certain consumer electronics, including laptops and smartphones, would be exempt from the newly imposed tariffs. However, this exemption does not necessarily mean that the tech industry is completely shielded, as the administration had previously delayed many tariffs and implemented a 10% baseline tariff, in addition to a 125% tariff on Chinese goods.

As reported earlier, tech products may still be subject to targeted tariffs, with semiconductors being a particular area of focus. Lutnick reiterated this point on Sunday morning during an interview with ABC’s “This Week”.

Lutnick clarified that while certain products are “exempt from the reciprocal tariffs”, they will be included in the forthcoming semiconductor tariffs, expected to be implemented within the next month or two. He stated that “all those products are going to come under semiconductors, and they’re going to have a special focus type of tariff to make sure that those products get reshored”. The goal, according to Lutnick, is to promote domestic production of essential components such as semiconductors, chips, and flat panels.

When questioned about the potential impact of tariffs on consumer prices, Lutnick downplayed the concern, saying “I don’t think so”. Instead, he emphasized the importance of domestic manufacturing, saying “I think the idea is that we can manufacture in America”. However, others have expressed skepticism about the feasibility of Lutnick’s vision for a significant shift in manufacturing to the United States, calling it a fantasy.

President Trump was also asked about semiconductor tariffs over the weekend and responded by saying that he would provide more information on the topic on Monday.