Trump Administration Sets Strategic Plan for Technology Industry Localization
The White House strategy reflects a delicate balance between enhancing national security policies and protecting the interests of American technology companies that depend on China for manufacturing
April 12, 2025, 9:19 pm

Trump Administration Sets Strategic Plan for Technology Industry Localization

The White House declared on Saturday that the United States can no longer continue to rely on China in sensitive technological sectors, emphasizing the need to strengthen national security by reducing dependence on external supply chains, especially in the fields of semiconductors, artificial intelligence, and clean energy.

The White House stressed that U.S. President Donald Trump considers localizing American industries a top priority, seeking to stimulate innovation and provide local job opportunities.

New guidelines issued by U.S. Customs and Border Protection indicated that President Donald Trump has excluded smartphones, computers, and a range of other technological devices and components from the punitive tariffs he previously imposed.

These instructions were issued Friday evening, after Trump earlier this month applied 145% tariffs on Chinese products, a measure that threatened to inflict heavy losses on major technology companies such as Apple, which manufactures iPhones and most of its other products in China.

The directives also include exemptions for various electronic equipment and components, including semiconductors, solar cells, flat-screen televisions, flash drives, and memory cards.

The White House stated in a release issued Saturday that these exemptions were issued because President Trump wants to give companies sufficient time to shift their manufacturing operations to within the United States.

It quoted Kush Desai, Deputy White House Press Secretary, as saying that Trump "has made it clear that America cannot rely on China to manufacture vital technologies such as semiconductors, chips, smartphones, and laptops."

Desai added: "At the President's direction, these companies are now rushing to move manufacturing operations to within the United States as soon as possible."

According to customs directives, the 20 product categories mentioned in the document appear to be exempt from the 125% tariffs imposed by Trump on Chinese imports, as well as from the basic 10% tariffs on imports from other countries, while a 20% tariff remains effective on all Chinese goods.

CNBC reported that it had asked the White House and Customs to clarify the final effective rate of tariffs applied to exempted products, but had not received a definitive response as of yet.

These exemptions represent an important gain for technology companies like Apple, which produces the majority of its products in China, where 80% of iPads and more than half of Mac devices are manufactured, according to research firm Evercore ISI.

Dan Ives, Head of Global Technology Research at Wedbush Securities, described this move as "the perfect scenario for technology investors," adding: "Exempting smartphones and electronic chips is a major game-changer regarding tariffs imposed on China."

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.