Trump says he will impose US tariffs on semiconductors, chips 'very shortly'

WASHINGTON

US President Donald Trump said Thursday that he will be imposing "fairly substantial" tariffs on semiconductors and other computer chips "very shortly."

Trump made the announcement as he feted tech executives whom he said he has spoken with about the forthcoming import duties, saying that the penalties will be imposed on companies who are not bringing manufacturing to the US.

"I've discussed it with the people here, chips and semiconductors, that we'll be putting tariffs on companies that aren't coming in, putting a tariff very shortly," he said during a White House dinner in the State Room.

"We'll be putting a fairly substantial tariff, well, not that high, fairly substantial tariff, with the understanding that if they come into the country, if they're coming in, building, planning to come in, there will not be a tariff," he added.

Trump has long foreshadowed the rollout of his semiconductor tariffs as he seeks to draw in more investment from domestic and international companies. He said last month that he expects to impose 100% tariffs on semiconductors and computer chip imports, but it is unclear if that will be the final figure.

Tech giant Apple announced an additional $100 billion investment package in domestic production on Aug. 6, bringing its overall investment in the country to $600 billion over the next four years.

The investments include a $2.5 billion commitment to produce all of the cover glass for the iPhone and Apple Watch at Corning’s Harrodsburg, Kentucky, manufacturing facility, according to a statement from Apple.

Reflecting his push to create such investment, Trump said the company, represented by CEO Tim Cook at Thursday night's dinner, is "in pretty good shape" to avoid any potential semiconductor tariffs.