Trump set to put new levies on chips, drugs
WASHINGTON: The Trump administration took steps Monday that appear likely to result in new tariffs on semiconductors and pharmaceutical products, adding to levies the president has put on imports globally.
Federal notices put online said the administration had initiated national security investigations into imports of chips and pharmaceuticals. Trump has suggested that those investigations could result in tariffs.
The investigations will also cover the machinery used to make semiconductors, products that contain chips and pharmaceutical ingredients. Kush Desai, a White House spokesperson, said the president “has long been clear about the importance of reshoring manufacturing that is critical to our country’s national and economic security.” The new tariffs would be issued under section 232 of Trade Expansion Act of 1962, which allows the president to impose tariffs to protect US national security.
