The situation: Predicting what’s next in the Trump administration’s trade policy is becoming increasingly difficult.

Case in point: On Friday, a notice from US Customs and Border Protection said electronic devices like smartphones and laptops would be exempt from tariffs. Two days later, US Commerce Secretary Howard Lutnick clarified that the exemption was only temporary and that those products would soon face separate levies.

Why it matters: The mixed signals are adding to the confusion surrounding the chaotic rollout of sweeping tariffs on China and other countries. With exemptions granted and then reversed, the policy environment remains volatile—creating significant uncertainty for businesses.