U.S. to launch results of probe into chip imports in two weeks

Lutnick instructed reporters after a gathering between Trump and European Commission 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 can be investing in semiconductor manufacturing within the United States, together with some from Taiwan and different locations, to keep away from getting hit by new tariffs.

He stated von der Leyen had averted 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 United States.

Trump stated the settlement included autos, which face the next 25% tariff below a separate sectoral tariff motion.

The Trump administration in April stated it was investigating whether or not intensive reliance on international imports of prescription drugs and semiconductors posed a nationwide safety risk.

The probe, being performed below Section 232 of the Trade Expansion Act of 1962, may 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 idea for 25% tariffs rolled out since his return to the White House in January on metal and aluminum and on the auto business.

Trump has upended international commerce with a sequence 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 from August 1.

The U.S. depends closely on chips imported from Taiwan, one thing Democratic former President Joe Biden sought to reverse throughout his time period by granting billions of {dollars} in Chips Act awards to lure chipmakers to broaden manufacturing within the United States.