Tariffs reside: UK suspends some tariffs to ease enterprise stress as commerce deal ‘days away’
Donald Trump says no country is “off the hook” for “unfair trade balances”, ahead of his expected new tariffs on powerful computer chips.
The president said he would detail the new tariffs on superconductor chips this week, just days after the White House excluded smartphones and other electronics from the ultra-high levies on goods from China.
But the president said those goods were not exempted from tariffs entirely, rather they had been put in a new “tariff bucket” and remain subject to the broad 20 percent tariff hike the White House had previously placed on Chinese goods in its fight against fentanyl.
“NOBODY is getting “off the hook” for the unfair Trade Balances, and Non Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst!” he wrote on his Truth Social platform on Sunday.
Trump said he wants companies to make chips and semiconductors in the U.S. so the American economy is not “held hostage” by other countries.
“We are taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN in the upcoming National Security Tariff Investigations,” he said.
China’s president says there are ‘no winners’ in a trade war
Chinese President Xi Jinping says “there are no winners in a trade war, or a tariff war,” as tariffs of 145 per cent remain on Chinese goods exported to the U.S.
Xi’s comments came in an editorial, published in both official Vietnamese and Chinese media while the Chinese president tours Southeast Asia.
“Our two countries should resolutely safeguard the multilateral trading system, stable global industrial and supply chains, and open and co-operative international environment,” he wrote.
Last week, China announced it would lift tariffs on American goods to 125 per cent, in retaliation for the higher duties imposed by the Trump administration.
Chinese President Xi Jinping
Trump expected to announce chip tariffs today
The U.S. President is expected to detail new tariffs on powerful computer chips on Monday.
It is unclear how tariffs on the chips, which are key components of smartphones and other electronics, will affect the recently announced exemption on ultra-high tariffs imposed on goods from China.
Asked about the possibility of chips tariffs by reporters over the weekend, Trump said “I’ll give you that answer on Monday,” the New York Times reported.
On his Truth Social platform, the president said America needed to make more products in the U.S.
“NOBODY is getting “off the hook” for the unfair Trade Balances, and Non Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst!” he wrote.
“There was no Tariff “exception” announced on Friday. These products are subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff ‘bucket’.
He continued: “We are taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN in the upcoming National Security Tariff Investigations.”
