Washington: US President Donald Trump has announced that he will soon impose tariffs on imported steel and semiconductor chips.
"I'll be setting tariffs next week and the week after on steel and on, I would say, chips," Trump said Friday.
He added that the tariffs will start at a low level to allow companies to expand domestic manufacturing in the US, and will later increase sharply. He did not specify the tariff rates.
The US President expressed his confidence that companies will choose to manufacture in the US rather than face higher tariffs.
The US has imposed high tariffs on exports from most countries, in addition to tariffs on specific sectors such as the automotive industry.
In February, Trump raised tariffs on steel and aluminum to 25 percent, and in May, he announced his intention to double the rate to 50 percent to support domestic manufacturers.
He also recently announced his intention to impose a 100 percent tariff on semiconductor imports, with exemptions for companies that commit to strengthening domestic manufacturing.
