Former US President Donald Trump has announced a 50% tariff on India. Furthermore, Trump declared that the United States will impose a nearly 100% tariff on semiconductor chips. This decision could lead to increased prices for electronics, home appliances, automobiles, and digital products.
During a conversation with reporters in the Oval Office, Trump stated that the new tariff rate would apply to all chips and semiconductors entering the US. However, it would not apply to companies that have committed to manufacturing in the US or are in the process of doing so. Trump added that if a company claims to be manufacturing but isn’t, the tariffs will be applied retroactively, and they will be required to pay the duties.