President Trump said Wednesday his administration was planning to impose a 100 percent tariff on all semiconductor imports.
“We’re going to be putting a very large tariff on chips and semiconductors,” Trump said alongside Apple CEO Tim Cook.
“But the good news, for companies like Apple, is if you're building in the United States or have committed to build in the United States, there will be no charge,” Trump added.
Trump has already imposed tariffs on automobiles, copper, steel and aluminum. He has also threatened a sizable tariff on pharmaceutical imports.
Experts have warned that tariffs on imports will make it more difficult for Americans to acquire those products, as it will take time to reshore supply chains.
The Trump administration earlier this year launched an investigation into the effects on national security of importing semiconductor technology, essentially laying the groundwork for potential tariffs.
Semiconductors power numerous products, including cars, smartphones, computers and more.
Congress in 2022 passed the CHIPS and Science Act to incentivize companies to manufacture semiconductor chips in the United States. Trump has been critical of the law, and he has argued tariffs can be a tool to force companies to move their facilities to the United States.
Source: The Hill - News
