Shares of leading domestic electronics manufacturers such as Dixon, PG Electroplast, Kaynes, Amber Enterprises, Syrma SGS and others will, on April 15, digest the impact of President Trump’s statement reviewing the whole sector’s tariff in an upcoming report, two days after announcing an exemption from reciprocal tariffs.
US President Trump on Sunday had said that he would be announcing tariff rate on imported semiconductors this week, while mentioning that nobody is ‘getting off the hook’.
"We are taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN in the upcoming National Security Tariff Investigations," Trump had posted on his social media handle on Truth Social.
Earlier, on Friday, Trump had announced an exemption on a range of consumer electronics — including smartphones, laptops and PCs — from a planned 125 percent tariff on Chinese goods and a 10 percent global flat rate. This reprieve, however, turned out to be temporary, as on Sunday he said these items are ‘just moving to a different Tariff bucket’.
"They're exempt from the reciprocal tariffs but they're included in the semiconductor tariffs, which are coming in probably a month or two," US Commerce Secretary Howard Lutnick said told ABC's "This Week" on Sunday.
While the temporary reprieve for electronics manufacturers is largely aimed at global tech players, Indian exporters of electronics items are expected to gain the most in the near term as consignments shipped from India to the US will now be 20 percent cheaper than those imported from China.
"China still has 20 per cent of iPhones, laptops, tablets, and watches. Only reciprocal tariff has been removed for China. India has zero tariff on iPhones and all smartphones, laptops and tablets exported to the US. Vietnam also has zero tariff on all Samsung and other smartphones, laptops and tablets exported to the US. So, India and Vietnam are similarly placed on tariffs on these products, and both enjoy a 20 per cent tariff advantage over China," ICEA Chairman Pankaj Mohindroo told PTI.
The development comes amid India’s rising electronics export story. Apple Inc., for instance, assembled iPhones worth $22 billion in India during the 12 months ending March 2025, marking a 60 percent jump over the previous year — a clear sign of the global shift in supply chains away from China.
Shares of Dixon Technologies had settled higher on Friday, up 7 percent at Rs 14,260 on the NSE. PG Electroplast gained 8 percent to close at Rs 920, while other listed electronics manufacturers posted gains in the range of 5-10 percent.
Ashok Chandak, President of the India Electronics and Semiconductor Association (IESA) said global tensions and trade uncertainties are likely to encourage electronics brands to spread their manufacturing footprints.
"This presents India with a strategic opportunity to scale its manufacturing capabilities and strengthen its role in the global electronics supply chain, Chandak told news agency PTI. "But to fully tap into this potential, Indian firms must focus on building long-term, competitive advantages," he added.
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