U.S. President Donald Trump announced on Friday that he plans to impose tariffs on steel and semiconductor chip imports in the coming weeks. “Next week and the week after, I’ll be setting tariffs on steel and, I would say, chips,” Trump stated to reporters aboard Air Force One en route to a meeting with Russian President Vladimir Putin in Alaska.
He said the rates would be lower at the start to allow companies to build up domestic manufacturing in the U.S., rising sharply later, following a pattern he has also outlined for tariffs on pharmaceuticals. He gave no exact rates.
“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,” he said.
Trump said he felt confident that companies would opt to manufacture in the United States, rather than face high tariffs.
Trump said last week he would impose a tariff of 100% on imports of semiconductors, but companies that committed to building up manufacturing in the United States would be exempt.
His remarks were made in tandem with an announcement that Apple would be investing an additional $100 billion in its home market.
MacDailyNews Take: The more certainty, the better, so businesses will know what to expect and move forward accordingly.
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