US to release result of probe into chip imports in – Business News
The Trump administration will announce the outcomes of a national security probe into imports of semiconductors in two weeks, Commerce Secretary Howard Lutnick stated on Sunday, as President Trump urged larger tariffs had been on the horizon.
Lutnick advised reporters after a assembly between Trump and European Commission President Ursula von der Leyen that the investigation was one of the “key reasons” the European Union sought to negotiate a broader commerce settlement that may “resolve all things at one time.”
Trump stated many firms can be investing in semiconductor manufacturing within the US, together with some from Taiwan and different locations, to keep away from getting hit by new tariffs.
The Trump administration introduced within the spring it was investigating whether or not in depth reliance on imports of semiconductors and prescription drugs was a risk to national security. REUTERS
He stated von der Leyen had averted the pending chips tariffs “in a much better way.”
Trump and von der Leyen introduced a new framework commerce settlement that features across-the-board 15% tariffs on EU imports getting into the US.
Trump stated the settlement included autos, which face a larger 25% tariff beneath a separate sectoral tariff motion.
European Commission President Ursula von der Leyen and President Trump met on Sunday. Getty Images
The Trump administration in April stated it was investigating whether or not in depth reliance on overseas imports of prescription drugs and semiconductors posed a national security risk.
The probe, being carried out beneath Section 232 of the Trade Expansion Act of 1962, might lay the groundwork for new tariffs on imports in each sectors.
Commerce Secretary Howard Lutnick. REUTERS
The Trump administration has begun separate investigations beneath the identical law into imports of copper and lumber. Earlier probes accomplished during Trump’s first time period shaped the idea for 25% tariffs rolled out since his return to the White House in January on metal and aluminum and on the auto industry.
Trump has upended world commerce with a collection of aggressive levies towards trading companions, together with a 10% tariff that took impact in April, with that fee set to increase sharply for many bigger trading companions on Friday.
The US depends closely on chips imported from Taiwan, one thing former President Joe Biden sought to reverse during his time period by granting billions of {dollars} in Chips Act awards to lure chipmakers to develop manufacturing within the US.
