Trump's Bold Tariff Move: Steel and Chip Industries Brace for Impact

President Donald Trump announced impending tariffs on steel and semiconductor chip imports. The initial lower rates aim to boost domestic production before increasing. The move was revealed aboard Air Force One en route to a meeting with Russian President Vladimir Putin in Alaska.

In a significant economic announcement, U.S. President Donald Trump declared plans to impose tariffs on steel and semiconductor chips in the coming weeks. This strategic move aims to revitalize the domestic manufacturing sector.

Speaking aboard Air Force One, Trump revealed the tariffs would initially be set at lower rates. This approach is designed to encourage companies to establish and ramp up domestic production, thereby reducing reliance on foreign imports. However, the specific rates and the timeline for their escalation remain undisclosed.

The announcement came as Trump traveled to Alaska for a meeting with Russian President Vladimir Putin, signaling possible geopolitical implications in addition to economic ones.

(With inputs from agencies.)