U.S. President Donald Trump said he would set tariffs on semiconductors in the next two weeks, the latest sign that he is ready to significantly expand the tariff regime. "I'm going to be setting tariffs on steel and chips -- chips and semiconductors -- next week and the week after that, and we're going to be setting those tariffs sometime next week or the next week," Trump told reporters aboard Air Force One on Friday on his way to a summit with Russian President Vladimir Putin in Alaska.
It’s unclear whether Trump misspoke on the steel tariffs. He had already raised steel and aluminum tariffs to 50% in June.
Trump has repeatedly promised to announce tariffs on chips and pharmaceutical products within weeks, but has yet to make a formal announcement.
Both industries have been under investigation by the Commerce Department since April as a prerequisite for Trump to impose tariffs on national security grounds. The process can be quite complex and the investigation can take several months or even longer to complete.
Manufacturers and artificial intelligence companies have been eager for more clarity on their semiconductor tariff plans because chips are widely used in a variety of modern consumer products.
Last week, Trump said at an event with Apple CEO Tim Cook that he planned to impose 100% tariffs on semiconductors but exempt products from companies that move manufacturing to the United States.
The White House has not provided further explanation on how the exemption will be implemented, but Trump hinted that Apple may be exempted.
On Friday, Trump hinted that tariffs on imported semiconductors could be higher.
"I might set the tax rate at 200%, 300%?" Trump said.