Trump will explain tariffs on electronics on Monday

The administration announced late Friday that some electronics were exempt.

ByDavid Brennan, Alexandra Hutzler, and Ivan Pereira
Last Updated: April 13, 2025, 11:43 PM EDT

President Donald Trump on Sunday said there will be no exceptions for tariffs on electronics and that he would clarify his administration's policy on Monday.

U.S. Customs and Border Protection announced late Friday that some smartphones, computers, chips and other electronics would be exempted from tariffs, but Trump's top economic advisers hit the Sunday talk shows to explain the policy, saying that tariffs against electronics would be coming in the next month or two.

“There was no Tariff ‘exemption’ announced on Friday," Trump posted Sunday afternoon, and that semiconductor tariffs will “just be moving to a different Tariff ‘bucket.’”

Latest headlines:

Here's how the news is developing.
Apr 10, 2025, 1:43 PM EDT

Trump says he hasn't seen today's stock market drop

Trump was asked to respond to U.S. stocks plunging on Thursday, wiping out half of the previous day's rally.

"I haven't seen it because I've been in here for two and a half hours," Trump said.

A trader works on the floor of the New York Stock Exchange, April 10, 2025, in New York City.
Charly Triballeau/AFP via Getty Images

He then asked Treasury Secretary Scott Bessent to weigh in. Bessent said once deals are worked out with nations, we will end up in a place of certainty but thought there was positive news with the inflation report and oil prices.

"I don't see anything unusual today," Bessent said.

Apr 10, 2025, 1:24 PM EDT

Treasury says Bessent spoke with Vietnam deputy PM

The Treasury Department released a readout Thursday from Secretary Scott Bessent's meeting with Vietnam Deputy Prime Minister Ho Duc Phoc in which the two agreed to begin formal discussions on trade.

Bessent emphasized "the importance of continued engagement with trade partners, and the need for quick, demonstrable progress to resolve outstanding issues."

The Vietnamese government has not immediately issued a statement.

-ABC News' Michelle Stoddart and Hannah Demissie

Apr 10, 2025, 1:16 PM EDT

Commerce secretary says countries are making offers to US but doesn't elaborate

Commerce Secretary Howard Lutnick said the administration has "so many countries to to talk to" on potential deals, though he didn't share details or specifics.

"I'm not sure we could ever have enough time in the day to talk to all these countries because they want to talk and they want to talk now," Lutnick said. "And they have come with offers that they never, ever, ever would have come with but for the moves that the president has made, demanding that people treat the United States with respect."

"We're getting the respect we deserve now. And I think you're going to see historic deals one after the other," Lutnick said.

Apr 10, 2025, 1:11 PM EDT

Tariffs will cost households $4,700 a year: Study

A new estimate from Yale Budget Lab released Thursday said tariffs will cost households an average of $4,700 annually.

The researchers also said consumers face an overall average effective tariff rate of 25.3%, the highest since 1909.

-ABC News' Zunaira Zaki

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