Is a semiconductor tariff storm coming? Trump claims the tax rate could be as high as 300%

According to Zhitong Finance APP, U.S. President Donald Trump revealed to reporters on Air Force One while heading to Alaska for a summit with Russian President Vladimir Putin that he plans to impose tariffs on semiconductor products in the next two weeks, marking the latest move in his significant expansion of the tariff policy system. Trump stated, "Next week and the week after, I will announce tariffs on steel, chips, and semiconductors." In his latest remarks on Friday, Trump hinted that the actual tariff rate on imported semiconductors could far exceed the previously mentioned 100%. He asked reporters, "Will my tax rate be set at 200% or 300%?"

It is noteworthy that Trump raised the import tariffs on steel and aluminum to 50% in June, but it remains unclear whether this will involve further adjustments to steel tariffs. Although the president has repeatedly promised to impose tariffs on the chip and pharmaceutical industries within weeks, no formal announcement has been made yet.

Since April of 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 under the justification of "national security." However, such investigations typically take months or even longer, and the process is quite complex.

As chips are widely used in consumer electronics and artificial intelligence, manufacturers and tech companies are eager to understand the specifics of Trump's semiconductor tariff plan.

Last week, Trump stated during a public event with Apple Inc. (AAPL.US) CEO Tim Cook that he plans to impose a 100% tariff on imported semiconductors but promised exemptions for companies that move their production lines to the U.S. The White House has yet to release details on the exemption mechanism, but Trump hinted that Apple might qualify—having previously committed to investing $600 billion to advance domestic manufacturing plans.

Additionally, the president mentioned that he would discuss tariff issues during his meeting with Putin and noted that the Russian side intends to invite business leaders to attend: "I noticed he brought many Russian businessmen, which is good; I like their willingness to do business. But until the war issue is resolved, business cooperation is out of the question."

Recently, Trump has also threatened to increase tariffs on Russian energy buyers, including a commitment to impose a 50% tariff on Indian goods, and hinted that if talks do not progress smoothly, he may further intensify pressure on the Russian economy. This series of actions indicates that his tariff policy is extending from traditional trade areas into geopolitical gamesmanship