Axios

Commerce Secretary Howard Lutnick said Sunday that smartphones and other electronics will be included in future semiconductor sectoral tariffs, two days after the Trump administration said such products were exempt from China import levies.

Why it matters: The announced carveout was a win for companies like Apple, which assembles most of its iPhones in China. But the relief is only temporary, officials clarified Sunday.

A majority of Americans believe President Trump's on-again, off-again sweeping tariffs will raise prices, at least in the short term, according to new polls conducted after the president's "Liberation Day" announcements.

The big picture: Trump has paused many of his steepest levies, but the global economy took a historic blow. And while the White House says Trump's dizzying trade policy has been a masterclass in negotiation, polling suggests many Americans aren't enjoying the lesson.

After a public spat with Trump administration ally Elon Musk over tariffs, White House Trade Adviser Peter Navarro said Sunday he and the world's richest person "are great."

The big picture: Musk last week called Navarro "truly a moron" and "dumber than a sack of bricks" in a dramatic escalation of the war of words between two prominent figures who have the president's ear.

The agency responsible for managing the country's retirement system is now in the immigration enforcement business.

Why it matters: President Trump's aggressive deportation push is fast becoming a whole-of-government campaign.

Smartphones and computers will be exempted from the 125% import levies President Trump imposed on China.

Why it matters: The exemption is a win for companies like Apple that manufacture most of their products in China.

The last ten days have thrown into doubt the role of the United States at the core of the global economic and financial system.

The big picture: After generations in which the U.S. dollar and its government securities have been the world's bedrock safe haven assets, global investors woke up this week to the possibility that they are not particularly safe, and not at all a haven.

President Trump will be interviewed next week by Rachel Campos-Duffy for the Spanish-language "Fox Noticias" program, Axios has learned.

Why it matters: It will be the first interview Trump has given since he announced— and then paused — sweeping global tariffs.