Trump administration seeks import tariffs; Americans to bear cost.
TL/DR –
After Trump’s election win, users migrated from Twitter to Bluesky, a decentralized Twitter clone. Concerns about the impact of Trump’s tech policy include possible tariffs on imported goods, repeal of Biden’s executive order on AI, and a move against climate-friendly technology. Trump’s proposed tariffs could cost the average American household up to $7,600 a year and increase prices for consumer electronics by as much as 46%.
Post-Election Tech Exodus Continues as Users Flee to Bluesky
Following Trump’s election victory, many users of X, formerly known as Twitter, are migrating to Bluesky, a decentralized counterpart. X is credited with contributing to Trump’s success, and helping him get elected. As Trump’s inauguration looms, user exodus from X continues, surging into hundreds of thousands.
Trump’s Second Term Tech Policy Remains Uncertain
As Trump’s second term as president becomes imminent, consumers are reevaluating the tech in their lives. While his exact tech policy is yet to be determined, early indications suggest imposing tariffs on imports and repealing current AI regulations.
Impact of Trump’s Promised Tariffs on Tech
Trump has committed to impose strict tariffs on imported goods, including tech products such as laptops, smartphones, and gaming consoles, from day one of his term. Moreover, Trump’s plan to rescind any unspent funds under the Inflation Reduction Act (IRA) could remove rebates for purchasing climate-friendly tech.
Impact of Trump’s Tariffs on Imported Goods
Trump’s proposed tariff of 10 to 20 percent on all imported goods could trigger a price hike for consumers. Additional tariffs on goods from China and Mexico would further impact consumer electronics, leading to potential price increases up to $7,600 a year for the average American household.
Expected Price Increases for Tech
Specifically, tariffs on goods from China, a major manufacturer of consumer electronics, could cause laptop and gaming console prices to increase by 46 percent and 40 percent respectively. With tariffs, next year’s iPhone 16 Pro could cost over $1,250 instead of the current price of $1,000.
Impact of Trump’s Policies on Climate Technology
The Inflation Reduction Act, a major investment in the US economy, drives $3 trillion in investment for renewable energy and electric vehicle sales. Trump’s plan to terminate the IRA could potentially undo these benefits and impact those who use its rebates to purchase energy-efficient appliances or electric vehicles.
Trump’s Hostility Towards Electric Vehicles
Trump has expressed hostility towards electric vehicles, intending to abolish the $7,500 tax credit for EVs. This seems to contradict the interests of Elon Musk, a major Trump supporter and head of Tesla, the world’s most valuable EV company.
Cryptocurrency Market Reaction to Trump’s Win
Trump’s election victory has caused a surge in the value of bitcoin and other cryptocurrencies. However, potential investors should proceed with caution, considering the industry’s history of volatility and previous market crashes.
Take Preemptive Action Before Inauguration Day
For those considering purchasing imported goods, EVs, or renewable technology, now may be the time to act. With current tax credits and rebates still in effect and potential price increases after January 20, consumers could save by making purchases before Inauguration Day.
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