Trump Plans Tariffs on Semiconductor Imports Amid Tech Sector Uncertainty

U.S. President Donald Trump said he will announce new tariffs on imported semiconductor chips within a week, part of a broader push to bring electronics manufacturing back to the United States. The upcoming duties are expected to include exemptions for certain companies, though Trump did not specify which firms might qualify.

The planned tariffs follow an earlier exclusion of consumer electronics such as smartphones and computers from reciprocal levies on Chinese imports. However, that reprieve may be short-lived. Trump indicated those products could soon face separate duties under what his administration calls “special focus” tariffs.

Commerce Secretary Howard Lutnick said on Sunday that semiconductors, smartphones, computers, and pharmaceuticals will be targeted under a new round of duties expected to take effect in one to two months. These tariffs will fall outside the reciprocal tariffs that surged to 125% last week, Lutnick said in an interview.

Trump’s trade stance has triggered volatility in financial markets. The Standard & Poor’s 500 index has fallen more than 10% since the president assumed office on Jan. 20, 2025, with market watchers citing tariff-related uncertainty as a key driver.

On Friday, the U.S. Customs and Border Protection agency published a list of tariff exclusions for 20 product categories, including laptops, memory chips and flat-panel displays. The announcement offered short-term relief to the tech sector, but Trump’s remarks suggest those exemptions could be reversed.

Trump also announced a national security investigation into the semiconductor and electronics supply chain. In a social media post, he said the administration would examine the “whole electronics supply chain” as part of the inquiry.

Investor Bill Ackman (Trades, Portfolio) called on Trump to temporarily reduce the China tariff rate to 10% for 90 days, arguing it would give companies time to relocate their supply chains without causing market disruption. Meanwhile, Ray Dalio (Trades, Portfolio), founder of Bridgewater Associates, warned the tariff escalation could push the U.S. closer to a recession.

Trade Representative Jamieson Greer said the U.S. was pursuing deals with countries such as Japan, India, and the European Union but confirmed there were no immediate plans for Trump to speak with Chinese President Xi Jinping. Greer said the administration hopes to finalize multiple non-China agreements within the next few weeks.

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