Semiconductor tariff storm imminent? Trump claims rates could go up to 300%

President Donald Trump revealed to reporters on Air Force One en route to a summit with Russian President Putin in Alaska that he plans to impose tariffs on semiconductor products in the next two weeks, marking the latest move in his significantly expanded tariff policy. Trump said, "Next week and the week after, I will announce tariffs on steel, chips and semiconductors." In his latest statement on Friday, Trump hinted that the actual tariff rate on imported semiconductors could far exceed the previously mentioned 100%. He asked reporters, "Will my tariff rate be set at 200% or 300%?" It is worth noting that Trump raised import tariffs on steel and aluminum to 50% in June, but it is not clear if this will involve further adjustments to steel tariffs. While the president has repeatedly promised to impose tariffs on the semiconductor and pharmaceutical industries in the coming weeks, no formal announcement has been made yet. Since April this year, the U.S. Department of Commerce has initiated investigations into the semiconductor and pharmaceutical industries, which is a necessary procedure for the Trump administration to impose tariffs on the grounds of "national security." However, such investigations typically take several months or even longer and are more complex. As chips are widely used in consumer electronics products and artificial intelligence, manufacturers and technology companies are keen to understand Trump's specific plans for semiconductor tariffs. Last week, Trump stated at a public event with Apple Inc. CEO Tim Cook that he plans to impose a 100% tariff on imported semiconductors, but pledged exemptions for companies that relocate their production lines to the U.S. The White House has not yet announced details of the exemption mechanism, but Trump indicated that Apple Inc. may qualify - the company had previously committed to investing $60 billion to advance its domestic manufacturing plan. In addition, the president also stated that he will discuss tariff issues with Putin during the meeting and noted that the Russian side intends to invite business leaders to attend: "I noticed he brought a lot of Russian businessmen, which is good, I like their willingness to do business. But until the issue of war is resolved, there can be no talk of business cooperation." Recently, Trump has also threatened to increase tariffs on Russian energy buyers, including committing to impose a 50% tariff on Indian goods, and hinted that if talks do not progress smoothly, he may further increase pressure on the Russian economy. This series of actions demonstrates that his tariff policy is extending from traditional trade to political gamesmanship.