US President Donald Trump announced on Friday that he would impose tariffs on imports of steel and semiconductor chips in the coming weeks. The rates will start lower to allow companies to build up domestic manufacturing in the US, with higher rates expected later.
Trump expressed confidence that US companies would opt to manufacture domestically rather than face high tariffs. This move follows his previous imposition of sharply higher duties on nearly all countries’ exports to the US, as well as specific sector tariffs like automotive.
The announcement comes after Trump previously raised steel and aluminum tariffs to 50% in May, doubling the initial rate. It is unclear if another tariff increase on metals is planned.
Trump also mentioned that a 100% tariff would be imposed on imports of semiconductors, but companies committing to build up US manufacturing would be exempt. The move was made alongside Apple’s announcement of a $100 billion investment in its home market.
Source: https://www.reuters.com/business/trump-says-he-will-set-tariffs-steel-semiconductor-chips-coming-weeks-2025-08-15