<p>CICC believes that the Trump administration's exemption of tariffs on semiconductors and certain electronic consumer products is a refinement and implementation of the existing semiconductor exemption rules, and it is an exemption under the &#34;reciprocal tariff&#34; framework, which does not imply a complete &#34;zero tariff.&#34; These exemptions can provide some relief for consumer electronics, artificial intelligence, and their related industry chains, but in the future, attention should also be paid to the possibility of the U.S. imposing tariffs on semiconductors under the guise of national security, as well as the transfer of related industry chains under high tariffs</p>

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<p>CICC pointed out that the Trump administration's tariff exemptions on semiconductors and certain electronic consumer products will reduce the increase in U.S. PCE inflation by about 0.2 percentage points and offset about 0.14 percentage points of the downward pressure on real GDP growth. Although the exemption policy provides some relief for the relevant industrial chain, attention still needs to be paid to the potential impact of high tariffs and the transfer of the industrial chain in the future. The overall impact is limited, and the goals of the Trump administration's tariff policy remain unchanged</p>

CICC: Tariff exemptions could reduce the increase in U.S. PCE inflation by about 0.2 percentage points