In addition to Howard Lutnick, Peter Navarro and Kevin Hassett explaining the nuances of Section 232 tariff exemptions, White House Senior Policy Advisor, Stephen Miller, appears on Fox News to deliver the same message.

Steel, Aluminum, Automobiles, Pharmaceuticals and components for semiconductor manufacturing all fall under the Section 232 “National Security” tariff umbrella. Meaning, the products within each of those sectors of manufacturing are handled ¹differently from all other tariffs as executed.  WATCH:

[¹NOTE: This approach could present a problem in future lawsuits, because the administration is now beginning to define what is classified as a ‘national security’ product. Lawfare operatives will likely say in court that all other tariff sectors (not 232) are controlled by congress, not the President; at least that will be their predictable argument. The administration will counter by arguing all other sector tariffs are directed in response to the Fentanyl crisis, which is again described as a “national security” threat.]

President Trump released the following statement on Truth Social:

NOBODY is getting “off the hook” for the unfair Trade Balances, and Non-Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst! There was no Tariff “exception” announced on Friday.

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You can watch Jake Tapper’s brow grow increasingly furrowed in real time as White House Economic Council Director, Kevin Hassett, smiles through the narratives and talks clearly about what is happening with President Trump’s tariff agenda.

This is a REALLY good interview.  Kevin “quokka” Hassett just keeps outlining clear examples of what regional tariffs are happening and why there are distinctions.  The interviewer Jake Tapper keeps trying to throw confusion at Hassett, who smiles and explains the reason why Tapper’s framework is silly. WATCH:

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Commerce Secretary Howard Lutnick appears on ABC This Week, to explain and clarify the purpose of the recently announced tariff exceptions.

According to the explanation, there are two “sector specific” tariffs in Semiconductors and Pharmaceuticals that will be announced in the next few months.  The recently announced “exemptions” are products that will be included in the sector specific tariffs that are also identified as “non-negotiable” tariffs.

Semiconductor items, automobiles, steel and aluminum as well as pharmaceutical products will fall under categories or ‘sectors’ of products that will be non-negotiable in all trade agreements for the tariff levy applied.  Any nation who enters negotiations for new Free Trade Agreements (FTAs) will not be permitted to negotiate trade on semiconductor products, automobiles, steel, aluminum and medications.  WATCH:

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The baseline tariffs remain, specifically as they pertain to China.  However, in a move to diminish public backlash President Trump has now exempted the majority of consumer electronics from the 125% reciprocal tariff levy.

The types of electronic and computer systems exempted, as announced by U.S Customs & Border Protection, Cargo Systems Messaging Service [DATA HERE], is extensive.  The machines used to make semiconductors will also be exempt.

All of the following products are now exempt from the larger global tariffs, including the tariffs in place against China:

•Computers (laptops, desktops, servers) •Workstations •Computer systems •Keyboards •Mice •Hard drives •Memory modules (RAM) •Power supplies •Computer motherboards •Graphic cards •Semiconductor manufacturing equipment: •Photolithography machines •Etching and doping machines •Wafer handling robots •Cleanroom systems used in chip fabrication Used by companies like TSMC, Intel, and Samsung in chip production. •Smartphones •Mobile phones with data transmission capabilities •Devices like iPhones, Android phones, and similar mobile communication devices •Wireless routers •Network switches •Modems (cable, DSL, etc.) •VoIP equipment •Communication hubs •Internet gateway devices •USB flash drives •SSDs (solid-state drives) •Memory cards (like SD, microSD) •Other flash storage devices used in everything from laptops to cameras and game consoles. •Individual solar cells, unassembled •Photovoltaic cells assembled into modules or panels, with or without bypass diodes •Custom or specialty solar panels •Microprocessors (CPUs, SoCs) •Memory chips (RAM, Flash, etc.) •Logic ICs, analog ICs, mixed-signal ICs •Specialized application chips (ASICs, GPUs, AI chips) •Widely used in all electronics: smartphones, laptops, vehicles, appliances, industrial controls •All types of LEDs [SOURCE]

The exemption announced April 11th is retroactive back to April 5th.  According to the announcement, companies who imported during the window of tariffs may request a refund due to changes in the Harmonized Tariff Schedule of the United States (HTSUS).

This is a major appeasement move to both the Communist Party of China (Beijing) and corporate tech titans like Apple.

There is no other honest framework to view this, other than President Trump retreated fearing backlash from corporate donors, Silicon Valley allies and the broader system of adverse politics.  The administration will try to spin this, but it is a really bad look.

Elon Musk won the argument, defeating Peter Navarro, Howard Lutnick, Scott Bessent and Stephen Miller.  I was wrong.  Obviously, Elon Musk has the most power and influence in the administration.

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The rapid change in Ursula von der Leyen now starts to make sense.  According to a press release [SEE HERE] from European Big Pharma, they recently had a meeting with the EU Komisar and threatened to leave Europe if the trade system is not renegotiated quickly.

President Trump is on the cusp of announcing a big change in tariffs against foreign pharmaceutical companies in an effort to get the manufacturing of medicines brought back to the USA.  Details are soon to surface.

In a proactive move, the European Federation of Pharmaceutical Industries and Associations (EFPIA), went to the European Commission (EC) yesterday to hold talks with von der Leyen, calling for radical change and holding the threat of an exodus to the U.S. over the EC president’s head.

PRESS RELEASE – Today, CEOs of the research-based pharmaceutical industry issued a stark warning to President von der Leyen that unless Europe delivers rapid, radical policy change then pharmaceutical research, development and manufacturing is increasingly likely to be directed towards the US.

A survey of EFPIA member companies conducted last week – to which 18 international large and medium-sized innovative companies responded – identified as much as 85% of capital expenditure investments (approximately €50.6 billion) and as much as 50% of R&D expenditure (approximately €52.6 billion) potentially at risk. This is out of a current combined total of €164.8 billion in investments planned for the period 2025-2029 in the EU-27 territory. Over the next three months, companies that responded estimate that a total of €16.5 billion i.e. 10% of the total investment plans is at risk.

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The Bureau of Labor and Statistics (BLS) releases the Consumer Price Index for February [DATA HERE], reflecting a drop in the year-over-year inflation rate to the lowest level in four years.

The rate of inflation dropped significantly due to lower gasoline (-6.3%) and fuel prices, which directly impacts every middle-class worker.  The ripple effects (transportation, warehousing, etc.) from lowered gasoline prices is not yet embedded in the cost of goods, that should start to surface next month.

[BLS Table A]

[…] Consumer prices were up 2.4% in March from a year earlier, the Labor Department said Thursday, cooler than February’s gain of 2.8% and well below the 2.6% rise that economists expected.  

Prices excluding food and energy categories—the so-called core measure economists watch in an effort to better capture inflation’s underlying trend—rose 2.8%, below forecasts for a 3% increase. That was the smallest increase in the core measure since March 2021. (read more)

For those who have travelled the MAGAnomic weeds with us, you will note this is the way overall lower inflation starts to surface under Trump policy.  This is exactly what happened in 2017 and continued throughout late 2019 until COVID-19 hit.  President Trump’s economic policies drop the rate of inflation, and eventually lower prices.

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The first part of this announcement is clear, Chinese tariffs are now raised to 125% effective immediately.  The latter part of this announcement is less clear; however, it appears that all other trading nations have their reciprocal tariffs lowered to 10% for a period of 90-days.

“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable.

Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!”  [SOURCE]

♦ Steel and Aluminum tariffs of 25% remain for all.

♦ Auto tariffs of 25% remain for all.

♦ Reciprocal tariffs 10% for all, 125% for China.

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This is an excellent example of what Attorney General Pam Bondi should be focused on instead of her appearances on Fox News.

The Federal Housing and Finance Agency has released a public statement highlighting an internal review and investigation of conduct within Fannie Mae that has resulted in the termination of over 100 employees for “unethical conduct” including the “facilitation of fraud.”

If the FHMA is finding intentional fraud within the housing loan offices, those federal employees should be arrested and legally prosecuted for their conduct.  It is not enough to just fire people, there has to be legal accountability.  These are the government regulators for Fannie Mae and Freddie Mac.

Washington, D.C. — Today, the U.S. Federal Housing Finance Agency (U.S. Federal Housing FHFA) and Fannie Mae issued the following statement:

“In President Trump’s housing market, there is no room for fraud, mortgage fraud, or any other deceitful act that can jeopardize the safety and soundness of the housing industry,” said William J. Pulte, Chairman of the Board of Directors of Fannie Mae. “Since my swearing-in, we fired over 100 employees from Fannie Mae who we caught engaging in unethical conduct, including facilitating fraud, against our great company.  Anyone who commits fraud against Fannie Mae does so against the American people.”

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Appearing 4/8/25 on CNBC, Treasury Secretary Scott Bessent outlined some of the specifics within the negotiation strategy of President Trump as it pertains to the ongoing global trade reset.

Bessent notes at the request of President Trump, all administration officials were to pull back from commentary following the “liberation day” tariff announcement.  The objective was to give all nations’ time to absorb the impact while reducing the reverberation noise.

After a few days, President Trump then began to assess the inbound communication from various country leaders and their request for renegotiation.  The priority schedule permits the honest trade allies to come first in the que to the office of U.S. Trade Representative Jamison Greer, as approved by President Trump.

Japan and South Korean delegations and trade representatives will be the first trade teams engaged; not coincidently both of those ASEAN nations have pre-positioned manufacturing investment in the USA, the truest measure of a trade partnership.  The outcome of these first agreements will form the baseline for every nation thereafter.

Both Japan and South Korea have North American manufacturing systems in place; however, it is likely more investment in U.S jobs and products being created in mainland USA will remain a top priority.  Additionally, for these nations the largest element of their “reciprocity” will come from a commitment to reduce the trade deficit with better terms and bigger contracts for U.S. product imports.

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President Trump is scheduled to hold a media availability at 3:00pm along with an executive order signing on energy development in the oval office.

UPDATE: Video Added

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