The Trump administration will announce the outcomes of a nationwide safety probe into imports of semiconductors in two weeks, Commerce Secretary Howard Lutnick stated on Sunday, as President Trump steered increased tariffs have been on the horizon.
Lutnick instructed reporters after a gathering between Trump and European Fee President Ursula von der Leyen that the investigation was one of many “key reasons” the European Union sought to barter a broader commerce settlement that may “resolve all things at one time.”
Trump stated many corporations could be investing in semiconductor manufacturing within the US, together with some from Taiwan and different locations, to keep away from getting hit by new tariffs.
He stated von der Leyen had prevented the pending chips tariffs “in a much better way.”
Trump and von der Leyen introduced a brand new framework commerce settlement that features across-the-board 15% tariffs on EU imports getting into the US.
Trump stated the settlement included autos, which face a better 25% tariff below a separate sectoral tariff motion.
The Trump administration in April stated it was investigating whether or not intensive reliance on overseas imports of prescription drugs and semiconductors posed a nationwide safety risk.
The probe, being carried out below Part 232 of the Commerce Enlargement Act of 1962, might lay the groundwork for brand new tariffs on imports in each sectors.
The Trump administration has begun separate investigations below the identical regulation into imports of copper and lumber. Earlier probes accomplished throughout Trump’s first time period fashioned the premise for 25% tariffs rolled out since his return to the White Home in January on metal and aluminum and on the auto trade.
Trump has upended international commerce with a collection of aggressive levies towards buying and selling companions, together with a ten% tariff that took impact in April, with that fee set to extend sharply for many bigger buying and selling companions on Friday.
The US depends closely on chips imported from Taiwan, one thing former President Joe Biden sought to reverse throughout his time period by granting billions of {dollars} in Chips Act awards to lure chipmakers to develop manufacturing within the US.
