Trump will announce his order regarding tariffs!
US President donald trump said on saturday that he may announce something new on monday regarding tariffs on semiconductors. He said that he will give an update on his administration's approach to tariffs on semiconductors on Monday. trump told reporters at air Force One, I will give you the answer on Monday. Earlier, trump excluded smartphones, computers and other electronics products from the scope of reciprocal tariffs, most of these things are manufactured in China.
What is HSN Code 8471?
US Customs and Border Protection (CBP) has released a list of 20 such product categories, which are now excluded from the scope of Trump's reciprocal tariff. This decision has been taken under the code HSN Code 8471 (Harmonised System of Nomenclature).
This is a code that is used to identify products while taxing them. Data processing machines come under the HSN Code 8471 code. That is, while importing or exporting, data processing machines are identified with the help of this code, which helps the custom authorities to impose the correct tariff on them.
Why is trump taking a U-turn from tariff?
Although the reason behind the trump administration's decision was not mentioned in this notice of CBP, but this step will provide relief to Apple, dell Technologies and many other American tech companies. This is a sign of a U-turn from Trump's strict action regarding tariff, which includes an increase in tariff to specifically target Chinese goods.
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