U.S. President Donald Trump said Friday he will impose new tariffs on steel and semiconductor chip imports in the coming weeks, signaling another escalation in his push to shift manufacturing to American soil.
“I’ll be setting tariffs next week and the week after on steel and on, I would say, chips,” Trump told reporters aboard Air Force One en route to a meeting with Russian President Vladimir Putin in Alaska. He explained that the duties would start at a lower rate to give companies time to invest domestically, before moving to “very high” levels.
Trump said he was confident firms would choose to expand production in the United States rather than face the cost of steeper tariffs.
The administration has already shaken global trade by slapping hefty duties on a wide range of imports. In February, Trump raised tariffs on steel and aluminum to 25% and doubled them to 50% in May to support U.S. producers. It was not immediately clear if the upcoming steel measures would further increase those rates.
Last week, Trump announced plans for a 100% tariff on imported semiconductors, though companies that commit to building facilities in the United States would be exempt.
His remarks coincided with Apple’s announcement that it will invest an additional $100 billion in the domestic market, a move seen as aligned with the White House’s manufacturing drive.
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