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President Trump is Willing To Listen on Tariffs: Katrina Dudley
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April 14, 2025
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6:35Now PlayingKatrina Dudley, global equity portfolio manager at Franklin Templeton Investments, said Trump's flexibility on tariffs is good news for businesses and that exemptions may help account for the long lead time for reshoring manufacturing.
President Donald Trump’s tariff exclusions for smartphones and other tech products have added to a growing set of confusing signals for companies and trading partners digesting how to engage a White House still promising to negotiate dozens of new deals in America’s favor.
The dizzying weekend saw Trump exclude popular consumer electronics from 125% tariffs on China and a 10% baseline global tariff. The move exempted more than $101 billion in US imports from China alone and was seen as a short-term win for US tech champions like Apple Inc. and Nvidia Corp.
Trump and top aides on Sunday, though, declared that the reprieve was only a procedural maneuver to ultimately hit those tech products with a different, sector-specific tariff.
Then on Monday, Trump told reporters in the Oval Office he was “looking at something to help car companies” as they worked to set up manufacturing facilities in the US, ahead of a May 3 tariff deadline on parts.
For financial markets handicapping the economic spillovers, that again made finding clarity hard in a strategy the White House insists is carefully constructed but critics see as subject to the whims of a transactional president. An early stock rally on Monday lost momentum and Treasuries extended gains as volatility persisted after seven sessions of big Wall Street swings. Most megacaps fell as the Nasdaq 100 briefly erased what had been a 2.2% jump.
For countries sending delegations to Washington to negotiate — like the European Union’s trade chief is aiming to do Monday — fresh questions arose about whether talking is even the best approach.
And for international companies operating in an environment where rules can change overnight, inactivity during the turmoil is emerging as the safest bet.
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