Lutnick advised reporters after a gathering between Trump and European Fee President Ursula von der Leyen that the investigation was one of many “key causes” the European Union sought to barter a broader commerce settlement that will “resolve all issues at one time.”
Trump stated many firms could be investing in semiconductor manufacturing in america, together with some from Taiwan and different locations, to keep away from getting hit by new tariffs.
He stated von der Leyen had averted the pending chips tariffs “in a a lot better manner.”
Trump and von der Leyen introduced a brand new framework commerce settlement that features across-the-board 15% tariffs on EU imports getting into america.
Trump stated the settlement included autos, which face a better 25% tariff underneath a separate sectoral tariff motion.
The Trump administration in April stated it was investigating whether or not in depth reliance on overseas imports of prescribed drugs and semiconductors posed a nationwide safety risk.
The probe, being carried out underneath Part 232 of the Commerce Enlargement Act of 1962, might lay the groundwork for brand new tariffs on imports in each sectors.
The Trump administration has begun separate investigations underneath the identical legislation into imports of copper and lumber. Earlier probes accomplished throughout Trump’s first time period shaped the premise for 25% tariffs rolled out since his return to the White Home in January on metal and aluminum and on the auto business.
Trump has upended international commerce with a sequence of aggressive levies towards buying and selling companions, together with a ten% tariff that took impact in April, with that charge set to extend sharply for many bigger buying and selling companions from August 1.
The U.S. depends closely on chips imported from Taiwan, one thing Democratic former President Joe Biden sought to reverse throughout his time period by granting billions of {dollars} in Chips Act awards to lure chipmakers to increase manufacturing in america.
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