The past week has seen a series of twists and turns in US reciprocal tariff rates, with the latest announcement on the US Customs and Border Protection’s Cargo Systems Messaging Service (CSMS) listing exemptions for 20 HTS product categories, including notebooks, smartphones, tablets, and processors. Market watchers are paying close attention to forthcoming new tariff rates for semiconductors and pharmaceuticals, and perhaps more importantly, how the US’s trade war on China will develop.