Trump plans fairly substantial tariffs on semiconductor imports

US President Donald Trump plans to impose tariffs on chips and semiconductors very soon

US President Donald Trump announced that his administration will impose tariffs on semiconductor imports from companies that do not shift production to the US. The announcement came during a White House dinner with top executives from major tech firms.

Trump told reporters, according to Bloomberg: Yeah, I have discussed it with the people here. Chips and semiconductors – we will be putting tariffs on companies that aren’t coming in. We will be putting a tariff very shortly.”

“We will be putting a very substantial tariff, not that high, but fairly substantial tariff with the understanding that if they come into the country, if they are coming in, building, planning to come in, there will not be a tariff,” he added.

Trump also pointed out that Apple CEO Tim Cook would be in a favorable position, as Apple plans to boost its domestic investment in the US to $600 billion over the next four years.