Global markets recover on US tariff exemptions

ISTANBUL

Global markets opened week in green after the US announced exemptions in "reciprocal" tariffs for some tech devices – such as phones, computers, and other similar devices – from its reciprocal tariffs applied to other countries, including China.

Around 20 products will be exempt from the reciprocal tariffs, according to US Customs and Border Protection, which is responsible for collecting import duties, media reports said Saturday.

These exemptions include smartphones, computers, routers, and semiconductor chips.

On the other hand, on Sunday, Trump denied reports that his administration had granted a tariff exception for electronics like smartphones and chips, contrary to suggestions late last week that consumer tech products would be spared from sweeping reciprocal tariffs.

“NOBODY is getting ‘off the hook’ for the unfair Trade Balances, and Non Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst!’ Trump said Sunday on his Truth Social account.

The VIX, a widely watched measure of market volatility, fell by 8.8% to around 36.2 as of 0800GMT on Monday after a week of uncertainty, even rising to levels of 50 which is its highest since the COVID-19 pandemic.

In the US, the stock markets closed Friday with gains after a week of volatility which was caused by the tariffs, seeing both historical losses and historical gains.

Meanwhile, gold, a traditional safe-haven asset, saw a fall on Monday after hitting record-high levels in the last week. The price of gold declined to $3,228.60 per ounce, losing 0.24% on the day.