Trump to set tariffs on steel, microchips, and semiconductors
President Donald Trump announced plans to impose tariffs on steel and semiconductor chips within the next two weeks. Speaking from Air Force One, he indicated that the tariffs would initially be set at a lower rate to encourage companies to manufacture in the United States, with higher tariffs to follow if they do not comply.Although no specific tariff rates were given, Trump previously mentioned potentially imposing tariffs around 100% on these imports. The declaration comes amidst ongoing trade negotiations and follows recent tariffs going into effect, including a trade deal with the European union that reduced tariffs from 30% to 15%. Major sources of U.S. steel imports include Canada, Brazil, South Korea, Mexico, and Germany, while semiconductor imports primarily come from Taiwan, Malaysia, Israel, South Korea, and Ireland.
Trump to set tariffs on steel, microchips, and semiconductors ‘next week and the week after’
President Donald Trump announced he would be setting tariffs on steel and semiconductor chips within the next two weeks as he spoke to the White House press pool aboard Air Force One on Friday.
“I’ll be setting tariffs next week and the week after on steel and on, I would say, chips. Chips and semiconductors, we’ll be setting sometime next week, week after,” Trump said.
Trump said he would initially set these tariff rates lower to give companies the opportunity to build in the United States, though he did not announce any specific rates. Last week, he told reporters he planned to set “approximately 100%” tariffs on chips and semiconductors.
“I’m going to have a rate that is going to be lower in the beginning, then that gives them the chance to come in and build, and very high after a certain period of time,” Trump said Friday. “And if they don’t build here, they have to pay a very high tariff, which doesn’t work, so they’ll have to come in and build.”
TRUMP TARIFFS GO INTO EFFECT AS US BROKERS NEW TRADE DEALS
Canada, Brazil, South Korea, Mexico, and Germany are the top source countries for U.S. steel imports, according to April 2025 data from the American Iron and Steel Institute. Taiwan, Malaysia, Israel, South Korea, and Ireland are some of the countries that import the most semiconductor chips to the U.S., according to The Motley Fool.
The Trump administration announced new tariffs that went into effect last week after the extended trade deal deadline. The European Union reached a trade deal with the administration before the deadline to avoid a 30% tariff on most imports to the U.S. in favor of a lower 15% tariff.
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