Trump says specific tariff will be placed on semiconductor industry, rate to be announced within week

President Donald Trump said semiconductors and chips imported into the United States will be hit with specific tariffs, adding that the rate for the items will be announced within the week.While speaking with reporters on Air Force One on Sunday night, Trump said the goal behind the specific tariff is to "uncomplicate" trade in the semiconductor sector."We wanted to uncomplicate it from a lot of other companies, because we want to make our chips and semiconductors and other things in our country," Trump said while traveling back to Washington, D.C. from West Palm Beach.WHITE HOUSE TRADE CHIEF SAYS TRUMP HAS NO PLANS TO SPEAK WITH XI JINPING ABOUT TARIFF WAR The questions on tariffs that will soon impact the semiconductor industry came after the president posted on Truth Social that the National Security Tariff Investigations will be looking at semiconductors and "the WHOLE ELECTRONICS SUPPLY CHAIN."In January alone, the U.S. experienced a negative trade balance in the semiconductor sector of $322 million – exporting $521 million and importing $843 million, according to the Observatory of Economic Complexity."NOBODY is getting ‘off the hook’ for the unfair Trade Balances, and Non Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst!" Trump wrote earlier Sunday.TRUMP TARIFF SPIKE FUELS NEW HOUSE BILL TO LOCK CHINA OUT OF US GOVERNMENT TECH He also said he didn't announce an overall tariff exemption on electronics from China on Friday, stating that the products still face the existing 20% tariff – just not the reciprocal tariffs, which are now at 145%.In response, Beijing increased its own tariffs on U.S. imports to 125%.Trump also floated the idea of adding specific tariffs on drugs and pharmaceuticals in hopes that the industries would bring production to the U.S."In case of war, in case of whatever, we're not relying on China and various other countries to supply us with drugs, which is not a good idea, and it'll happen very fast," the president said on AF1.GET FOX BUSINESS ON THE GO BY CLICKING HERE His comments during his trip back to Washington mimic other parts of his Truth Social post earlier in the day, where he wrote, in part: "What has been exposed is that we need to make products in the United States, and that we will not be held hostage by other Countries, especially hostile trading Nations like China, which will do everything within its power to disrespect the American People. We also cannot let them continue to abuse us on Trade, like they have for decades, THOSE DAYS ARE OVER!"Weiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business