Over $40 billion in smartphone imports were on the line when Lutnick claimed U.S. manufacturing would surge under new tariffs. But just days later, smartphones were quietly excluded.
The market was bracing for a 104% shock when smartphones were excluded from the tariffs, but instead got hit with a 20% gut punch. Traders will celebrate the headline and chase the bounce, but they’re missing the deeper fracture. The old playbook no longer works. The reflexive bid has vanished.



