President Trump says chip tariffs to start “very soon”
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US President Donald Trump said on April 3 that tariffs would be imposed on semiconductor products “very soon.”
Semiconductors and pharmaceuticals were not mentioned in the geographical “reciprocal tariffs” announcement made on April 2 (see Semiconductors exempt as US declares national emergency to impose tariffs). Those tariffs come into effect on Saturday April 5 including a 25 percent tariff on imported automobiles.
After the presentation of the reciprocal tariffs President Trump was asked about chips and pharmaceuticals by reporters on an Air Force One flight to Miami, Florida. President Trump said chip tariffs would start very soon and pharmaceutical tariffs, although still under review, would come in at levels never previously experienced in the not too distant future.
Previously President Trump had announced his intention to impose tariffs on chips that could be set at 25, 50 or even 100 percent.
Related links and articles:
President Trump re-iterates intention to impose tariffs on chips
Trump vows to impose chip import tariffs of up to 100 percent
Intel, TSMC outline deal to form chipmaking venture, says report
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