This is a segment from the Forward Guidance newsletter. To read full editions, subscribe . If you logged off on Friday at the close and didn’t check futures prices or the news until this morning (unlikely, I know, but maybe you spent the weekend at the Masters), you have some catching up to do. To recap: The US Customs and Border Protection late Friday night issued guidance exempting certain consumer electronics (smartphones, computers, etc.) from both reciprocal tariffs on China and the 10% global tariff on all imports. Machines used to assemble semiconductors are also exempt, the guidance noted. On Saturday afternoon, though, White House senior adviser Stephen Miller said that these products, when imported from China, are still subject to a 20% levy. Trump doubled down (sort of) on Sunday, writing in a Truth Social post that “there was no tariff ‘exemption’ announced on Friday.” Semiconductor tariffs will be moved to a different “bucket,” he said, adding that he would clarify everything on Monday. When asked about it this morning, Trump told reporters this: “Look, I’m a very flexible person. I don’t change my mind, but I’m flexible, and you have to be.” He added that “there’ll be many things coming up” and he “[doesn’t] want to hurt anybody.” We try to cover news as close to schedules as possible, but this administration loves to keep everyone on their toes. With that in mind, as of time of writing, Trump didn’t provide any specifics on tariffs on electronics. We’ll be watching for updates, but buckle up in the meantime. It’s looking to be another unpredictable week. Get the news in your inbox. Explore Blockworks newsletters: Blockworks Daily : Unpacking crypto and the markets. Empire : Crypto news and analysis to start your day. Forward Guidance : The intersection of crypto, macro and policy. 0xResearch : Alpha directly in your inbox. Lightspeed : All things Solana. The Drop : Apps, games, memes and more. Supply Shock : Bitcoin, bitcoin, bitcoin.
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