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Trump exempts select tech products from tariffs, crypto to benefit?

United States President Donald Trump has exempted an array of tech products including, smartphones, chips, computers, and select electronics from tariffs, giving the tech industry a much-needed respite from trade pressures.

According to the US Customs and Border Protection, storage cards, modems, diodes, semiconductors, and other electronics were also excluded from the ongoing trade tariffs.

“Large-cap technology companies will ultimately come out ahead when this is all said and done,” The Kobeissi letter wrote in an April 12 X post.

Cryptocurrencies, Bitcoin Price, Economics, Economy, United States, Donald Trump

US Customs and Border Protection announces tariff exemptions on select tech products. Source: US Customs and Border Protection

The tariff relief will take the pressure off of tech stocks, which were one of the biggest casualties of the trade war. Crypto markets are correlated with tech stocks and could also rally as risk appetite increases on positive trade war headlines.

Following news of the tariff exemptions, the price of Bitcoin (BTC) broke past $85,000 on April 12, a signal that crypto markets are already responding to the latest macroeconomic development.

Related: Billionaire investor would ‘not be surprised’ if Trump postpones tariffs

Markets hinge on Trump’s every word during macroeconomic uncertainty

President Trump walked back the sweeping tariff policies on April 9 by initiating a 90-day pause on the reciprocal tariffs and lowering tariff rates to 10% for countries that did not respond with counter-tariffs on US goods.

Bitcoin surged by 9% and the S&P 500 surged by over 10% on the same day that Trump issued the tariff pause.

Macroeconomic trader Raoul Pal said the tariff policies were a negotiation tool to establish a US-China trade deal and characterized the US administration’s trade rhetoric as “posturing.”

Bitcoin advocate Max Keiser argued that exempting select tech products from import tariffs would not reduce bond yields or further the Trump administration’s goal of lowering interest rates.

Cryptocurrencies, Bitcoin Price, Economics, Economy, United States, Donald Trump

Yield on the 10-year US government bond spikes following sweeping trade policies from the Trump administration. Source: TradingView

The yield on the 10-year US Treasury Bond shot up to a local high of approximately 4.5% on April 11 as bond investors reacted to the macroeconomic uncertainty of a protracted trade war.

“The concession just given to China for tech exports won’t reverse the trend of rates going higher. Confidence in US bonds and the US Dollar has been eroding for years and won’t stop now,” Keiser wrote on April 12.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

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Labour deputy leadership candidate accuses opponent’s team of ‘throwing mud’ and briefing against her

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Labour deputy leadership candidate accuses opponent's team of 'throwing mud' and briefing against her

Lucy Powell has accused Bridget Phillipson’s team of “throwing mud” and briefing against her in the Labour deputy leadership race in a special episode of Sky’s Electoral Dysfunction podcast.

With just days to go until the race is decided, Sky News’ political editor Beth Rigby spoke to the two leadership rivals about allegations of leaks, questions of party unity and their political vision.

Ms Powell told Electoral Dysfunction that through the course of the contest, she had “never leaked or briefed”.

But she said of negative stories about her in the media: “I think some of these things have also come from my opponent’s team as well. And I think they need calling out.

“We are two strong women standing in this contest. We’ve both got different things to bring to the job. I’m not going to get into the business of smearing and briefing against Bridget.

“Having us airing our dirty washing, throwing mud – both in this campaign or indeed after this if I get elected as deputy leader – that is not the game that I’m in.”

Ms Powell was responding to a “Labour source” who told the New Statesman last week: “Lucy was sacked from cabinet because she couldn’t be trusted not to brief or leak.”

Ms Powell said she had spoken directly to Ms Phillipson about allegations of briefings “a little bit”.

Bridget Phillipson (l) and Lucy Powell (r) spoke to Sky News' Beth Rigby in a special Electoral Dysfunction double-header. Pics: Reuters
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Bridget Phillipson (l) and Lucy Powell (r) spoke to Sky News’ Beth Rigby in a special Electoral Dysfunction double-header. Pics: Reuters

Phillipson denies leaks

But asked separately if her team had briefed against Ms Powell, Ms Phillipson told Rigby: “Not to my knowledge.”

And Ms Phillipson said she had not spoken “directly” to her opponent about the claims of negative briefings, despite Ms Powell saying the pair had talked about it.

“I don’t know if there’s been any discussion between the teams,” she added.

On the race itself, the education secretary said it would be “destabilising” if Ms Powell is elected, as she is no longer in the cabinet.

“I think there is a risk that comes of airing too much disagreement in public at a time when we need to focus on taking the fight to our opponents.

“I know Lucy would reject that, but I think that is for me a key choice that members are facing.”

She added: “It’s about the principle of having that rule outside of government that risks being the problem. I think I’ll be able to get more done in government.”

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

Insider vs outsider

But Ms Powell, who was recently sacked by Sir Keir Starmer as leader of the Commons, said she could “provide a stronger, more independent voice”.

“The party is withering on the vine at the same time, and people have got big jobs in government to do.

“Politics is moving really, really fast. Government is very, very slow. And I think having a full-time political deputy leader right now is the political injection we need.”

The result of the contest will be announced on Saturday 25 October.

The deputy leader has the potential to be a powerful and influential figure as the link between members and the parliamentary Labour Party, and will have a key role in election campaigns. They can’t be sacked by Sir Keir as they have their own mandate.

The contest was triggered by the resignation of Angela Rayner following a row over her tax affairs. She was also the deputy prime minister but this position was filled by David Lammy in a wider cabinet reshuffle.

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UK tax authority doubles crypto warning letters in crackdown on unpaid gains

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UK tax authority doubles crypto warning letters in crackdown on unpaid gains

UK tax authority doubles crypto warning letters in crackdown on unpaid gains

HMRC sent nearly 65,000 warning letters to crypto investors last year, more than double the previous year, as the UK steps up efforts to trace undeclared capital gains.

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‘Additional resources’ offered by govt to reverse ban on Maccabi Tel Aviv fans at Villa game

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'Additional resources' offered by govt to reverse ban on Maccabi Tel Aviv fans at Villa game

The government says it is exploring what “additional resources and support are required” to allow “all fans” to attend Maccabi Tel Aviv’s match against Aston Villa next month.

Supporters of the Israeli side have been told they are not allowed to attend November’s game in Birmingham after a decision by Birmingham’s Safety Advisory Group (SAG).

The group – made up of local stakeholders, including representatives from the council, police and event organisers – said the decision was due to a high risk of violence based on “current intelligence and previous incidents”.

Politics live: MPs react to Maccabi Tel Aviv fan ban

The decision has been criticised across the political spectrum, with Sir Keir Starmer describing it as a “wrong decision” while Tory opposition leader Kemi Badenoch called it a “national disgrace”.

In a statement on Friday night, a government spokesperson said: “No one should be stopped from watching a football game simply because of who they are.

“The government is working with policing and other partners to do everything in our power to ensure this game can safely go ahead, with all fans present.

“We are exploring what additional resources and support are required so all fans can attend.”

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Birmingham residents react to the Maccabi fan ban

Meanwhile, Home Secretary Shabana Mahmood said: “Antisemitism is a stain on our society that shames us all. Every football fan, whoever they are, should be able to watch their team in safety.

“This government is doing everything in our power to ensure all fans can safely attend the game.”

The prime minister’s spokesman previously said Sir Keir would “do everything in his power to give Jewish communities the security they deserve”.

Read more:
Why are fans banned – and has this happened before?
How this raises questions about one of the UK’s biggest cities

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Badenoch: Fan ban a ‘national disgrace’

The Home Office offered to provide more police for the event, while Culture Secretary Lisa Nandy and Communities Secretary Steve Reed also intervened.

However, senior police insisted the ban was necessary and cited clashes and hate crime offences committed when the Israeli team travelled to Amsterdam to play Ajax last year.

The Aston Villa vs Maccabi Tel Aviv match – set to take place on Thursday 6 November – is a Europa League fixture.

UEFA, which runs the tournament, had urged UK authorities to ensure away fans could attend.

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