Here's exactly what happened with tariff exemptions: The White House published a note titled "Clarification of Exceptions Under Executive Order 14257" on April 11th. Certain goods were apparently NEVER supposed to be subject to the "reciprocal tariffs" announced on April 2nd. Most media outlets thought the April 11th "clarification" posted by the White House was a new list of exemptions. But rather, these goods were never actually intended to be subject to 145% tariffs. This also explains why "refunds" will be dated back to April 5th on these goods, essentially classifying this as an enforcement error, not a policy reversal. On top of this, Trump is saying the "fake news" is refusing to report the truth. But, it appears that the news and most investors, along with customs enforcement themselves, never truly understood what was being tariffed to begin with. This was a complete misunderstanding by almost everyone involved.