Another tariff hit: Donald Trump signals levies on chips and steel; semiconductor duties may hit 300%
The move, expected to be announced in the coming weaks, could shake the already rattled global trade.
'I'll be setting tariffs next week and the week after on steel and on, I would say, chips,' Trump told reporters aboard Air Force One on Friday, as he travelled to Alaska for a meeting with Russian President Vladimir Putin.
He said the rates would start lower to give companies time to ramp up manufacturing in the US, before rising steeply, similar to his approach on pharmaceuticals.
'I'm going to have a rate that is going to be lower at the beginning - that gives them a chance to come in and build - and very high after a certain period of time,' Reuters cited the US President.
Trump further expressed confidence that firms would choose to manufacture domestically rather than face hefty duties. Earlier in February, Trump increased tariffs on steel and aluminium to 25%, then doubled them to 50% in May to support US manufacturers. It remains unclear if his latest comments signal another increase for the metals.
Last week, Trump said he would impose a 100% tariff on semiconductors, with exemptions for companies committed to building in the US.
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The US president hinted the rate on imported chips could be even higher. 'I'm going to have a rate that is going to be 200%, 300%?' he said, as quoted by Bloomberg.
The White House has yet to explain how such exemptions would work, though Trump suggested Apple, which has pledged a $600 billion domestic manufacturing initiative, could benefit. Manufacturers and AI firms have been pressing for clarity, as chips are integral to a vast range of consumer products.
Both semiconductors and pharmaceuticals have been under US commerce department investigation since April, a required step before tariffs can be imposed on national security grounds, a process that can drag on for months, Bloomberg reported.
Trump also signalled that trade could be on the agenda with Putin. 'I noticed he's bringing a lot of business people from Russia, and that's good I like that because they want to do business,' Trump said. 'But they're not doing business until we get the war settled,' he said.
In recent weeks, Trump has threatened new tariffs on Russian energy buyers, including a 50% levy on goods from India, and warned that Moscow could face higher economic costs if his meeting with Putin does not go well.
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