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Turnover for S&P 500 CFOs tops 17% this year as the C-suite job ‘really just takes a toll’

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Trump says he will look at ‘whole electronic supply chain’

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President Donald Trump pledged he will still apply tariffs to phones, computers and popular consumer electronics, downplaying a weekend exemption as a procedural step in his overall push to remake US trade.

The late Friday reprieve — exempting a range of popular electronics from 125% tariffs on China and a 10% flat rate around the globe — is temporary and a procedural step in the longstanding plan to apply a different, specific levy to the sector. Trump doubled down on the plan Sunday.

“NOBODY is getting ‘off the hook,’” Trump said in a social media post Sunday, issued shortly after he finished his Sunday golf game. The exempted products are “just moving to a different Tariff ‘bucket’” and the administration will be “taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN,” he added. 

Taken together, the comments from Trump and two of his top trade chiefs Sunday are a stark reminder of the scope of his planned tariff onslaught. Still, the maneuver means weeks, maybe months, without extra tariffs on the array of phones and computers before the specific sectoral tariff on electronics kicks in. It also opens a window for companies and lobbyists to push for different parameters and exclusions. 

The exemptions were published in a US Customs and Border Protection document late Friday, and are a step to shift those products ultimately to a different levy, which Trump has long threatened for semiconductors, without specifying the scope. Trump already carved out those sectors he plans to specifically target from being hit by both those levies and the across-the-board ones on countries he enacted this month in his “Liberation Day” announcement that triggered a market selloff.

The pause Friday was nonetheless a temporary victory for Apple Inc. and other manufacturers who rely on Chinese manufacturing in particular, and the country’s government had welcomed the exemptions and urged Trump to go further.

Read More: Apple Was on Brink of Crisis Before Tariff Concession From Trump

“This is a small step by the US toward correcting its wrongful action of unilateral ‘reciprocal tariffs’”, the Chinese Ministry of Commerce said in a statement posted on its official WeChat account on Sunday. The ministry urged the US to “take a big stride in completely abolishing the wrongful action, and return to the correct path of resolving differences through equal dialog based on mutual respect.”

But US Commerce Secretary Howard Lutnick and other administration officials said Sunday it was only a pause before they’re shifted to different levies, though those will almost certainly be lower than the 125% rate on China that Trump set last week, and perhaps higher than the 10% rate charged on other countries.

“All those products are going to come under semiconductors, and they’re going to have a special focus-type of tariff to make sure that those products get reshored,” Lutnick said Sunday on ABC’s This Week,. “We can’t be relying on China for fundamental things that we need.”

Democratic Senator Elizabeth Warren said the chaos would hurt investment in the US.

“Investors will not invest in the United States when Donald Trump is playing red light green light with tariffs and saying, ‘oh, and for my special donors, you get a special exception,’” she said on CNN’s State of the Union.

Trump’s latest exemptions cover almost $390 billion in US imports based on official US 2024 trade statistics, including more than $101 billion from China, according to data compiled by Gerard DiPippo, associate director of the Rand China Research Center.

Semiconductor Tariffs To Come

The White House had long said it would not apply its country tariffs — 125% on China, 10% on nearly every other nation — to sectors that were going to get their own specific levies. Trump has already enacted those sector-specific tariffs for steel, aluminum and autos, while teeing up addition ones on auto parts and copper and pledging yet others on semiconductor chips, pharmaceutical drugs, lumber and maybe critical minerals.

The semiconductor tariffs are “coming in probably a month or two,” Lutnick said. He said a notice will be published in the federal registry this week related to semiconductors, but he didn’t elaborate.

US Trade Representative Jamieson Greer also pledged the products would face a different tariff.

“It’s not that they won’t be subject to tariffs geared at reshoring. They’ll just be under a different regime. It’s shifting from one bucket of tariffs to a different bucket of potential tariffs,” Greer said Sunday on Face the Nation with Margaret Brennan.

Trump on Saturday hinted at further developments on Monday.

“We’ll be very specific on Monday,” he told reporters on Air Force One. “We’re taking in a lot of money; as a country we’re taking in a lot of money.”

Friday’s exclusion was the first time that the Trump administration published a detailed list of what products it thinks fall under the umbrella of semiconductors, which are used in electronics products of all kinds. They are not required to apply the sectoral tariff to the same list but Lutnick indicated they would.

In some ways, Trump’s Friday exclusions were an announcement of the products that will be targeted be the sectoral tariff on “semiconductors,” which are used widely in all kinds of products. But the administration may yet adjust the scope.

It’s not clear what tariff rate the administration would apply semiconductors and products it covers under that tax, but they’ve been 25% so far on other industries. Those so-called Section 232 tariffs may prove more permanent than Trump’s country rates, which are based on a more vulnerable legal authority and which he’s said he will negotiate.

The tariff reprieve does not extend to a separate Trump levy on China — a 20% duty applied to pressure Beijing to crack down on fentanyl, including the shipment of precursor materials. Other previously existing levies, including those that predate Trump’s current term, also appear unaffected.

Trump, in his social media post Sunday, reiterated that the 20% rate still applies.

On China, “everyone pays at least the 20% and these particular components are being put through a separate process controlled by the Department of Commerce which is the 232,” Lutnick told ABC.

This story was originally featured on Fortune.com



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Trump proclaims himself ‘in good shape,’ but the results of his physical aren’t immediately released

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President Donald Trump had an annual physical Friday and concluded, “I did well,” praising his own heart, soul and cognitive ability while noting medical reports from White House doctors may not be ready until the weekend.

The 78-year-old, who in January became the oldest in U.S. history to be sworn in as president, spent nearly five hours at Walter Reed National Military Medical Center undergoing what he called “every test you can imagine.”

“I was there for a long time,” Trump said. “I think I did very well.”

Despite long questioning predecessor Joe Biden’s physical and mental capacity, Trump has routinely kept basic facts about his own health shrouded in secrecy — shying away from traditional presidential transparency on medical issues. He said he believes the doctor’s report on his latest physical would be ready on Sunday — though, if history is any indication, that may offer little more than flattery with scarce detail.

White House press secretary Karoline Leavitt said while Trump was still being examined that a “readout from the White House physician” on his health that would be released “as soon as we possibly can” and suggested it’d be comprehensive.

Trump went straight from the examination to Air Force One to fly to Florida for the weekend. Speaking to reporters midflight, he said doctors offered him “a little bit” of advice on lifestyle changes that could improve his health, though he didn’t elaborate on what that was.

”Overall, I felt I was in very good shape. A good heart, a good soul, a very good soul,” Trump said. He also noted that he took a cognitive test. “I don’t know what to tell you other than I got every answer right,” he said.

He said undergoing mental acuity screening was “what the American people want” and took another shot at his predecessor, saying, “Biden refused to take it.”

The finished medical report would be the first public information on Trump’s health since an assassination attempt against him in Butler, Pennsylvania, in July.

Rather than release medical records at that time, Texas Rep. Ronny Jackson — a staunch supporter who served as his White House physician and once joked in the White House briefing room that Trump could live to be 200 if he had a healthier diet — wrote a memo describing a gunshot wound to Trump’s right ear.

In a subsequent interview with CBS last August, Trump said he’d “very gladly” release his medical records, but never did.

Trump is four years younger than Biden. But on Inauguration Day of his second term in January, Trump was five months older than Biden was during his 2021 inauguration — making Trump the nation’s oldest president to be sworn into office.

Presidents have privacy rights protecting their medical records just like ordinary citizens, and that means they have leeway over what details are released. Modern annual physicals, though, have often played key roles in offering the public a sense of the commander-in-chief’s health.

Trump has long opted for offering few substantive details about his health. Before Jackson’s memo, the public hadn’t seen key details since November 2023, when Dr. Bruce A. Aronwald released a letter to coincide with Biden’s 81st birthday, saying Trump was in “excellent” physical and mental health.

The letter, posted on Trump’s social media platform, lacks the basics — such as the Republican’s weight, blood pressure and cholesterol levels, or the results of any test. Instead, Aronwald wrote that he’d examined Trump that fall and found his “physical exams were well within the normal range and his cognitive exams were exceptional,” while also noting that Trump had “reduced his weight.”

Trump was treated at Walter Reed, located in Bethesda, Maryland, outside Washington, for his serious bout with the coronavirus in 2020. During that time, Trump’s physician offered a rosy prognosis on his condition, though White House chief of staff Mark Meadows said some of Trump’s vital signs were “very concerning.”

After Trump recovered, more details emerged that he had been sicker than he’d let on.

In November 2019, meanwhile, Trump’s trip to Walter Reed for a physical was omitted from his public schedule, breaking the White House protocol of giving advance public notice of them.

The visit was revealed three days later, with Trump disclosing that he’d had a “very routine physical.” The White House released a subsequent statement from the president’s then-personal physician, U.S. Navy Cmdr. Sean Conley, saying it had been a “planned interim checkup” kept “off the record” due to scheduling uncertainties.

Arguably, Trump’s most famous past comments about his own health came during a television interview in July 2020, when he listed off “Person. Woman. Man. Camera. TV” while attempting to demonstrate his cognitive abilities.

Trump said that a collection of those five nouns, or ones like them, stated in order, demonstrated mental fitness and were part of a cognitive test he had aced. The president was asked about that test again on Air Force One on Friday and responded, “It’s a pretty well known test.”

“Whatever it is, I got every one — I got it all right,” he said.

This story was originally featured on Fortune.com



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Commerce Secretary Howard Lutnick says tariff exemptions on electronic devices are temporary and new duties will come in ‘a month or two’

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  • Secretary of Commerce Howard Lutnick said the tariff relief on electronic devices is only temporary and new tariffs on tech devices will come into effect within the next month or two.

Commerce Secretary Howard Lutnick said President Donald Trump’s trade exemptions on electronic devices are only temporary.

On Friday, US Customs and Border Protection published a notice on Trump’s so-called reciprocal tariffs to include exemptions on smartphones, computers, semiconductors, flat panel TV displays, flash drives, memory cards, solid-state drives for data storage, and other key tech components.

That offered a reprieve from Trump’s China tariffs that had been hiked to 125% on top of the previously imposed 20% levy. It also followed his 90-day pause on most reciprocal duties announced on Wednesday.

“So what (Trump’s) doing is he’s saying they’re exempt from the reciprocal tariffs, but they’re included in the semiconductor tariffs, which are coming in probably a month or two. So these are coming soon,” Lutnick told ABC News on Sunday.

In addition to tariffs on countries, Trump has imposed duties on steel, aluminum, and autos, while warning that tariffs on chips and pharmaceuticals are also on the way. The exemptions appear to pave the way for new tariffs, though they are expected to be lower than the 145% total rate Chinese imports face.

While Lutnick refers to duties on semiconductors coming in the near future, he also notes that other tech imports will be included in the upcoming tariffs that go beyond semiconductors in an effort to increase domestic manufacturing.

“All those products are going to come under semiconductors, and they’re going to have a special focus type of tariff to make sure that these products get reshored,” Lutnick said. “We need to have semiconductors, we need to have chips, and we need to have flat panels — we need to have these things made in America.”

“We can’t be reliant on Southeast Asia for all of the things that operate for us.”

Although the exemptions are only a temporary move according to Lutnick, the respite offers companies like Apple that assemble and import devices from China a bit of breathing room. Company shares have fallen more than 11% since Trump’s Rose Garden address. 

“So, this is not like a permanent sort of exemption. He’s just clarifying that these are not available to be negotiated away by countries,” Lutnick said. 

His clarification on the exemptions comes after the Chinese Ministry of Commerce said they were a “small step by the US toward correcting its wrongful action of unilateral ‘reciprocal tariffs.’”

It also said the US should “take a big stride in completely abolishing the wrongful action, and return to the correct path of resolving differences through equal dialog based on mutual respect.”

On Friday, China increased its tariffs on U.S. imports to 125% but added that it doesn’t plan further retaliation.

This story was originally featured on Fortune.com



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