Trump declares fresh import taxes on semiconductors and steel products
US President Donald Trump has announced plans to implement new tariffs on steel and semiconductor imports, effective next week. This move is part of his ongoing trade policy, aimed at incentivising domestic production.
However, Trump did not specify tariff rates for the upcoming changes regarding semiconductors. He did mention that the tariff rates will be gradually increased, but he did not provide specific details during his recent statements.
The semiconductor industry is among those affected by Trump's ongoing trade policy. The high-tech chip systems for iPhones and other smartphones almost exclusively come from Taiwan's contract manufacturer TSMC. If such tariffs are implemented without exemptions for large providers, it could potentially increase prices for electronics in the US.
Contrary to some earlier reports, there is no indication from available recent information that any semiconductor goods could have 300% tariffs under Trump's new trade policy. The highest tariff rate mentioned for semiconductors is approximately 100%.
The reported Section 232 investigation might lead to sector-specific tariffs on semiconductor imports, starting with low initial tariff rates that could increase substantially if production is not moved to the US. Yet, a 300% tariff is not mentioned in this context.
Trump's statements were made during his flight to his meeting with Russian President Vladimir Putin in Alaska. He also hinted at potential tariffs on certain unnamed goods reaching up to 300%, but he did not mention a start date for these tariffs or specify which goods they would apply to.
It is clear, however, that Trump aims to encourage companies to produce in the United States. He stated that companies not producing in the US could face tariffs of 200-300% in some cases.
[1] Source: Reuters, CNBC, Bloomberg [2] Source: Wall Street Journal, Financial Times, New York Times
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