Trump has reversed his decision to impose massive tariffs on tech companies, admitting the move would harm consumers and U.S. businesses.
THE DAILY BEAST
Former President Donald Trump has reversed his stance on imposing massive tariffs on the tech industry, yielding to pressure from major technology companies. The decision marks a dramatic shift in his trade policy, previously aimed at punishing tech giants over their perceived dominance in the global market.
In a statement, Trump admitted that the proposed tariffs would have “serious consequences for consumers and American businesses.” He further acknowledged the importance of maintaining strong relationships with the tech sector, which is vital for the U.S. economy.
“After careful consideration, it became clear that tariffs would hurt more than help,” Trump said. The move comes after intensive lobbying from leading tech firms, which warned that the tariffs could lead to higher prices for consumers and disrupt innovation.