John Ruich

Good morning.

Good morning.

Yeah, late on Friday, Customs and Border Protection posted a notice online. It was full of legalese and arcane tariff codes, and what it translated into was no tariffs on mobile phones, computers, memory chips, flat screens, LEDs, stuff like that. This is substantial because electronics account for roughly a quarter of Chinese exports to the U.S.

Yeah, late on Friday, Customs and Border Protection posted a notice online. It was full of legalese and arcane tariff codes, and what it translated into was no tariffs on mobile phones, computers, memory chips, flat screens, LEDs, stuff like that. This is substantial because electronics account for roughly a quarter of Chinese exports to the U.S.

Yeah, late on Friday, Customs and Border Protection posted a notice online. It was full of legalese and arcane tariff codes, and what it translated into was no tariffs on mobile phones, computers, memory chips, flat screens, LEDs, stuff like that. This is substantial because electronics account for roughly a quarter of Chinese exports to the U.S.

China's Commerce Ministry responded fairly quickly over the weekend, calling it a small step toward correcting the error of imposing those so-called reciprocal tariffs on China and on other countries.

China's Commerce Ministry responded fairly quickly over the weekend, calling it a small step toward correcting the error of imposing those so-called reciprocal tariffs on China and on other countries.

China's Commerce Ministry responded fairly quickly over the weekend, calling it a small step toward correcting the error of imposing those so-called reciprocal tariffs on China and on other countries.

It was initially, but it doesn't look like it is. You know, Trump's come out on social media to say that nobody's getting off the hook. These products are just moving to a different tariff bucket. Commerce Secretary Howard Lutnick explained it on Sunday on ABC's This Week.

It was initially, but it doesn't look like it is. You know, Trump's come out on social media to say that nobody's getting off the hook. These products are just moving to a different tariff bucket. Commerce Secretary Howard Lutnick explained it on Sunday on ABC's This Week.

It was initially, but it doesn't look like it is. You know, Trump's come out on social media to say that nobody's getting off the hook. These products are just moving to a different tariff bucket. Commerce Secretary Howard Lutnick explained it on Sunday on ABC's This Week.

So he's saying they're exempted from the so-called reciprocal tariffs that Trump announced so that they're sort of off the menu for negotiation. Why? Because they're going to be lumped in with semiconductors under a separate tariff that he says will be announced in the next month or two. And not just on China. And the idea is to force supply chains of those products back to the U.S.

So he's saying they're exempted from the so-called reciprocal tariffs that Trump announced so that they're sort of off the menu for negotiation. Why? Because they're going to be lumped in with semiconductors under a separate tariff that he says will be announced in the next month or two. And not just on China. And the idea is to force supply chains of those products back to the U.S.

So he's saying they're exempted from the so-called reciprocal tariffs that Trump announced so that they're sort of off the menu for negotiation. Why? Because they're going to be lumped in with semiconductors under a separate tariff that he says will be announced in the next month or two. And not just on China. And the idea is to force supply chains of those products back to the U.S.

Well, China's been pretty consistent. They've projected defiance throughout this. You know, Trump seems to be waiting for Chinese leader Xi Jinping to pick up the phone and call him. That's not how China operates. It doesn't mean that they're not open to discussion, though. I asked Andy Rothman about this last night here in Beijing.

Well, China's been pretty consistent. They've projected defiance throughout this. You know, Trump seems to be waiting for Chinese leader Xi Jinping to pick up the phone and call him. That's not how China operates. It doesn't mean that they're not open to discussion, though. I asked Andy Rothman about this last night here in Beijing.

Well, China's been pretty consistent. They've projected defiance throughout this. You know, Trump seems to be waiting for Chinese leader Xi Jinping to pick up the phone and call him. That's not how China operates. It doesn't mean that they're not open to discussion, though. I asked Andy Rothman about this last night here in Beijing.

He advises investors and corporate boards on China, and he's been on a trip here meeting companies and contacts.

He advises investors and corporate boards on China, and he's been on a trip here meeting companies and contacts.

He advises investors and corporate boards on China, and he's been on a trip here meeting companies and contacts.