Citing a national security statute, the administration has begun a process to investigate the impact of imported semiconductors and pharmaceuticals.According to The New York Times, the Trump administration has taken steps that could lead to new tariffs on semiconductors and pharmaceutical products. This would add to the existing tariffs that President Trump has imposed on imports from around the world.
On Monday, federal notices were posted online stating that the administration has launched national security investigations into the import of chips and pharmaceuticals. President Trump has indicated that these investigations could result in tariffs being imposed.
The investigations will also cover the machinery used to produce semiconductors, as well as products that contain chips and pharmaceutical ingredients.
In a statement, White House spokesman Kush Desai confirmed the move, stating that the president has consistently emphasized the importance of bringing back critical manufacturing to the United States for national and economic security.
The potential new tariffs on semiconductors and pharmaceuticals would fall under Section 232 of the Trade Expansion Act of 1962, which allows the president to impose tariffs in order to protect national security.
Earlier in the day, President Trump hinted at the possibility of imposing new tariffs on semiconductors and pharmaceuticals as part of his efforts to increase domestic production.
Source:Read More