Trump's New Tariff Plans: Impact on Steel and Semiconductor Industries

President Donald Trump announced his intention to impose tariffs on steel and semiconductor imports. Initial lower rates aim to boost domestic production, with increases planned later. The move follows previous tariff hikes and encourages companies like Apple to invest in the U.S. manufacturing sector.

President Donald Trump announced upcoming tariffs on steel and semiconductor imports, set to be revealed within weeks. During a discussion onboard Air Force One, Trump disclosed plans for tariffs designed to incentivize domestic manufacturing by beginning at lower rates before escalating over time.

The President expressed optimism that companies would prefer U.S.-based manufacturing to avoid steep tariffs. His strategy aligns with previous policies that imposed high duties on foreign exports to the U.S., affecting several industries, including automotive and pharmaceuticals.

In February, steel and aluminum tariffs were increased to 25%, with a subsequent proposal to double them to 50%. Additionally, Trump hinted at a 100% tariff on semiconductor imports, with exemptions for companies investing in U.S. production, highlighting Apple's $100 billion investment commitment.

(With inputs from agencies.)