Trump says chip imports to face 100% tariff unless made in America
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The news: Donald Trump said he would impose tariff of about 100% on imported semiconductors, but companies that are building or have committed to build in the United States, like Apple has, will be exempt.
The context: The announcement came during an Oval Office event with Apple CEO Tim Cook, where Trump and Cook announced a new USD100 billion ($154 billion) investment by Apple to expand US manufacturing.
Apple’s American Manufacturing Program will involve partners including Corning, Applied Materials and Texas Instruments, with Corning dedicating an entire Kentucky factory to Apple glass production and increasing its workforce there by 50%. The pledge lifts Apple’s total US investment commitment to USD600 billion.
What they said: “We’ll be putting a tariff of approximately 100% on chips and semiconductors,” Trump said.
“But the good news for companies like Apple is, if you’re building in the United States, or have committed to build, without question, committed to build in the United States, there will be no charge," Trump said.
The sources: The Associated Press, Bloomberg, Reuters
