US says it'll charge tariff of about 100% on semiconductor imports

The Star

The United States will impose a tariff of about 100% on semiconductor chips imported into the country, said President Donald Trump on Aug 6 but that would not apply to companies that had made a commitment to manufacture in the country. WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

Transcript

00:00U.S. President Donald Trump on Wednesday announced that his administration will impose a tariff

00:06of about 100 percent on semiconductor chips imported into the country.

00:11But he said that will not apply to companies that are building factories in the United

00:15States or have made a commitment to do so in the country.

00:20The good news for companies like Apple is if you're building in the United States or

00:26have committed to build without question committed to build in the United States, there will

00:31be no charge.

00:32In other words, we're not going to be charging.

00:34So a lot of countries, a lot of companies are leaving various other places and they're coming

00:40to the United States.

00:41So in other words, we'll be putting a tariff on of approximately 100 percent on chips and

00:47semiconductors.

00:49But if you're building in the United States of America, there's no charge, even though

00:54you're building, and you're not producing yet in terms of the big numbers of jobs and

01:00all of the things that you're building.

01:02If you're building, there will be no charge.

01:04So I just want everyone to know that.

01:06And I didn't even tell you that inside we discussed the concept, but I didn't.

01:11So it's a big factor.

01:12So one.

01:14The announcement is expected to hit semiconductor chip makers and exporters to the U.S., though

01:19many major players said they will not be impacted as they already have had operations or pledged

01:25investments in the country.

01:27South Korea's trade negotiators said Samsung Electronics and SK Hynix will not be subject

01:33to such tariffs.

01:35Asian equities rose in the morning as markets largely shook off the latest tariff threats

01:39from the U.S. administration, including the tariffs on chips and an additional 25 percent

01:44tariff on India over purchases of Russian oil.

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