'Art Of The Steal'—Ross Gerber Says Small Businesses Get To 'Go Bankrupt' While Trump Makes Exceptions For MAG 7 Chinese Imports

Investment advisor Ross Gerber is calling out what he sees as unfair treatment in President Donald Trump’s tariff policy, accusing the administration of protecting corporate giants while leaving small businesses to suffer.

“So all the small businesses get to struggle and go [bankrupt] while Trump makes exceptions for most other Chinese imports from the [Magnificent] 7,” Gerber posted on X. “This is not only absurd, but just wrong. It's the art of the steal.”

So all the small businesses get to struggle and go BK while Trump makes exceptions for most other Chinese imports from the mag 7. This is not only absurd, but just wrong. It's the art of the steal.
— Ross Gerber (@GerberKawasaki) April 12, 2025

Don't Miss:

Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – with $1,000 you can invest at just $0.26/share!
Invest in the future of digital engagement: Own a piece of the $100 billion Metaverse for just $500.

Big Tech Gets a Break

Gerber’s frustration followed news that the Trump administration had granted tariff exemptions for smartphones, laptops and other electronics — a major win for tech firms like Apple AAPL, Nvidia NVDA and Dell Technologies DELL. These products had been subject to steep import taxes as part of Trump's aggressive trade crackdown on China.

U.S. Customs and Border Protection listed the exemptions late Friday, applying retroactively from April 5. The list included semiconductors, memory chips and flat-panel displays—all critical components for companies in the so-called “Magnificent 7,” a group of high-performing tech stocks.

Small Businesses Say They're Getting Crushed

Critics say the carveouts expose a double standard. “Tariffs against big-tech Apple: ZERO. Tariffs against Mom-and-Pop Main Street businesses: 145%,” posted a person in response to Gerber. Another user wrote: “Let them eat cake!”

Trending: With shares starting at $1.52, this could be your chance to invest in the future of healthcare.

In an April 4 interview with Tucker Carlson, Treasury Secretary Scott Bessent argued the stock drop wasn't Trump's fault. “If I were to analyze… what's happening with the market, I'd say it's more a Mag 7 problem, not a MAGA one,” Bessent said, blaming the downturn on China's new AI tool, DeepSeek, rather than the president's economic policies.

But many economists and even Federal Reserve officials disagree, pointing to the market chaos and inflation fears triggered by Trump's escalating tariff war. Consumer confidence has plunged, and the S&P 500 has seen its wildest swings since the 2020 pandemic.

Relief Might Not Last

Any relief for tech companies could be short-lived. On Sunday, Trump posted that the excluded products were still subject to the existing 20% fentanyl-related tariffs and would be reassigned under a new national security investigation.

“There was no tariff ‘exception’,” Trump wrote on Truth Social. “These products are just moving to a different tariff ‘bucket.'”

See Also: Hasbro, MGM, and Skechers trust this AI marketing firm — invest pre-IPO from $0.60 per share now.

Commerce Secretary Howard Lutnick confirmed the administration plans to impose new duties within two months targeting semiconductors, smartphones and computers. “These are things that are national security, that we need to be made in America,” Lutnick told ABC News.

Critics like Sen. Elizabeth Warren (D-MA) blasted the administration's inconsistent moves. “There is no tariff policy — only chaos and corruption,” she said Sunday on ABC's “This Week.”

Market Mayhem

The on-again, off-again nature of Trump's tariff strategy has sent shock waves through the economy. Investors have dumped bonds, the dollar has slumped and gold has hit record highs. China, meanwhile, slapped a 125% retaliatory tariff on U.S. goods and warned that any future hikes would be ignored.

Despite the turbulence, Bessent insisted the administration maintains a “strong-dollar policy” and dismissed suggestions that tariffs are a backdoor attempt to devalue the currency.

Read Next: