President Donald Trump said Wednesday he will impose a 100% tariff on imports of semiconductors and chips, but not for companies that are “building in the United States.”
The announcement of new sector-specific tariffs shows Trump ratcheting up his efforts to pressure businesses to manufacture their products in the U.S.
But specifics about the plan, such as how much U.S. manufacturing a company needs to do in order to qualify for the tariff exemption, were not immediately clear.
Trump has previously signaled that the duties on chips and semiconductors, which have become key components in virtually every industry, could come as soon as next week.
“We’re going to be putting a very large tariff on chips and semiconductors,” Trump said in the Oval Office on Wednesday afternoon.
