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<Research>HSBC Research: Difficult for Asia to Mitigate Tariff Impact on Chips & Electronics
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The US has temporarily exempted tariffs on chips, smartphones, laptops, and other electronic products, but has committed to introducing tariffs on specific industries such as semiconductors, according to a report from HSBC Global Research. The temporarily exempted electronic products account for about 22% of China's exports to the US and nearly 10% of the GDP of Vietnam and Taiwan. Given the US' priority to promote the return of advanced manufacturing, Asia will find it difficult to mitigate the impact of industry tariffs on chips and electronics (potential tax rate of 25%). Currently, electronic products have received temporary exemptions from US reciprocal tariffs, even though products imported from China still bear a 20% tariff related to illegal drug inflow, the report added. This means that iPhones shipped from China to the US only face a 20% tariff rather than the additional 145% tariff imposed by the Donald Trump administration YTD. AAStocks Financial News |
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