Trump to set tariffs on steel and chips

Investing.com -- U.S. President Donald Trump announced Friday he plans to implement new tariffs on imported steel next week, followed by tariffs on semiconductor chips the week after.

"I’ll be setting tariffs next week and the week after on steel and on, I would say, chips," Trump told reporters while traveling on Air Force One en route to Alaska for a meeting with Russian President Vladimir Putin.

The president indicated the tariff rates would initially be set at lower levels to encourage companies to establish domestic manufacturing operations in the United States. He stated these rates would increase over time, though he did not specify the exact percentages for either the initial or future tariff levels.

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