TMTPOST -- U.S. President Donald Trump on Friday indicated new sectoral tariffs would come soon, and out of them, the upcoming semiconductors levies could be set at a level much higher than he recently threatened to impose.
Credit：China Central Television
Trump told reporters he would is planning on unveiling tariffs on semiconductor imports over the next two weeks, followed by steel levies.“I’ll be setting tariffs next week and the week after, on steel and on, I would, say chips — chips and semiconductors, we’ll be setting sometime next week, week after,” Trump said aboard the Air Force One en route to Alaska for a meeting with Russian President Vladimir Putin.
Trump then implied the semiconductor tariffs could be as high as 300%. “They’re all coming in ’cause they want to beat the tariffs,” Trump said. “If they don’t open here, they have to pay, in some cases, 200%, 300%. I haven’t even set some of the tariffs yet.” He said the duties will be lower at the beginning, and lifted to “very high after a certain period time.”
Trump didn’t offer specifics about the tariffs. It was not clear whether he misspoke about steel tariffs since he two months earlier had signed a proclamation to raised tariffs on steel and aluminum imports into the country to 50% from 25%, taking into effect on June 4.
Chip stocks tumbled following Trump’s remarks, highlighting investors’ growing concerns over uncertainty of the tariffs.
The PHLX Semiconductor Index (SOX), a Philadelphia Stock Exchange capitalization-weighted index composed of the 30 largest U.S. companies primarily involved in the design, distribution, manufacture, and sale of semiconductors, finsihed around 2.3% lower. The closely watched gauge of chipmaker underperformed the U.S. stock market as the S&P 500 index closed down 0.29%, and the tech-heavy Nasdaq Composite slipped 0.40%.
Shares of Applied Materials, which provided lighter-than-anticipated earnings and revenue outlooks for its current quarter, plunged 14.1%. and KLA Corporation saw its stock dumped and 8.4%, respectively. Shares of Nvidia Corporation, the leading artificial intelligence (AI) chip company, and its competitor Advanced Micro Devices (AMD) shed nearly 0.9% and 1.9%, respectively.
The 300% tariff rate was way above that Trump hinted last week.
Trump on August 6 said in the Oval Office that he will impose “a very large tariff” on semiconductors. The semiconductor tariffs would be around 100% and apply to all chips imported into the U.S. But for companies like Apple Inc. that pledge to build in the country, “there’s no charge,” according to the president.
"So 100% tariff on all chips and semiconductors coming into the United States. But if you've made a commitment to build (in the U.S.), or if you're in the process of building (in the U.S.), as many are, there is no tariff," Trump said.
Apple CEO Tim Cook, speaking alongside Trump, confirmed reported additional $100 billion investment in U.S. "I'm glad to be here with you today, and I'm very proud to say that today, we're committing an additional $100 billion to the United States," Cook told Trump in the Oval Office. With the new commitment, Apple’s U.S. investment now totals $600 billion over the next four years.
Trump warned that companies would still face higher tariffs if they fail to live up to their pledge. "If, for some reason, you say you're building and you don't build, then we go back and we add it up, it accumulates, and we charge you at a later date, you have to pay, and that's a guarantee," Trump said.
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