Good morning from The Financial Times.
Today is Monday, April 14th, and this is your FT News Briefing.
The Trump administration is sending mixed messages to big tech,
and U.S. banks are writing out the market storm, at least for now.
Plus, what happens when the American government goes after universities?
The next few weeks, we're going to see significant readouts of the impact of this longer term.
I'm Kasia Broussalion, and here's the news you need to start your day.
Personal electronics might only be exempt from U.S. tariffs for a little while longer.
At least, that's what Commerce Secretary Howard Lutnick had to say yesterday.
That's right.
Semiconductors and pharmaceuticals will have a tariff model in order to encourage them to reassure to be built in America.
Let me back up and explain.
Late on Friday, the Trump administration said it was excluding things like smartphones and laptops from the massive,
quote, reciprocal tariffs on China.
That was big news for companies like Apple, which makes roughly 80 percent of its iPhones in the country.
But then on Sunday,
Lutnick warned in an interview with ABC that the semiconductors inside these devices could still eventually face levies.
These are included in the semiconductor tariffs that are coming and the pharmaceuticals are coming.
Those two areas are coming in the next month or two.
So this is not like a permanent sort of exemption.