US President Donald Trump outlines roadmap for new tariffs on steel and semiconductor chips

US President Donald Trump emphasized that the initial tax rate will be low to facilitate companies to invest and develop domestic production, then it will gradually increase, but did not give a specific number.

US President Donald Trump said on August 15 that he would announce tariffs on imported steel and semiconductor chips in the coming weeks.

Speaking to reporters on Air Force One while en route to Alaska (USA) to hold a summit with Russian President Vladimir Putin, Mr. Trump declared: "I will announce tariffs on steel next week and on semiconductor chips the week after that."

He stressed that the initial tax rate will be low to facilitate companies to invest and develop domestic production, and will then gradually increase, but did not give a specific figure.

According to President Trump, this approach is similar to the tax roadmap in the pharmaceutical sector. Specifically, the initial level is "easy" to attract domestic investment, then increases sharply after a certain period of time. Businesses that commit to building factories in the US will be exempted from high taxes.

Last week, President Trump vowed to impose a 100% tariff on imported chips, invoking Section 232 of the Trade Expansion Act of 1962, which allows the president to regulate imports if he finds them to be a threat to national security.

Since the beginning of his second term in the White House, Mr. Trump has imposed high tariffs on most countries' exports to the US, targeting key industries such as automobiles, steel and aluminum.

Last February, he raised tariffs on steel and aluminum from 25% to 50% to protect domestic producers.

The new announcement on tariffs on imported chips was made by President Trump in the context of information that Apple will invest an additional 100 billion USD in the US domestic market - a signal that Mr. Trump said proves that businesses are willing to "choose to manufacture in the US instead of facing high tariffs"./.

(Vietnam+)

Source: https://www.vietnamplus.vn/tong-thong-us-donald-trump-neu-lo-trinh-ap-thue-moi-voi-thep-va-chip-ban-dan-post1056016.vnp