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Trump: Soon to impose semiconductor tariffs, which may be as high as 300%.
On August 15, U.S. President Trump stated that he would impose tariffs on semiconductors within the next two weeks, marking the latest sign of his preparation to significantly expand the tariff system. Trump told reporters aboard Air Force One en route to a summit with Russian President Putin in Alaska on Friday: "I will determine the tariffs on steel and chips next week and the week after, what I want to say is chips and semiconductors, we will determine them next week or at some point in the following weeks." It is still unclear if Trump misspoke regarding the steel tariffs. He had already raised the import tariffs on steel and aluminum to 50% in June. The president has repeatedly promised to impose tariffs on chips and pharmaceuticals within weeks, but has not made a formal announcement. Additionally, Trump hinted that the tariffs imposed on imported semiconductors could be higher, stating: "The rate I intend to set could be 200%, or maybe 300%?" ( Jin10 )