Trump to impose tariffs on steel, semiconductor chips from next week

He said the rates would be lower at the start to allow companies to come and build up domestic manufacturing, rising later. He gave no exact rates

US President Donald Trump
"HIGH STAKES!!!" Trump wrote on his social media platform before leaving the White House for the trip. | Image: Bloomberg
Reuters
2 min read Last Updated : Aug 15 2025 | 6:35 PM IST
US President Donald Trump on Friday said he would set tariffs on imports of steel next week and on semiconductor chips the following week. 
"I'll be setting tariffs next week and the week after on steel and on, I would say, chips," Trump told reporters aboard Air Force One as he headed to a meeting with Russian President Vladimir Putin in Alaska. 
He said the rates would be lower at the start to allow companies to come and build up domestic manufacturing, rising later. He gave no exact rates.
 
Trump to let Ukraine decide on territorial swaps  U.S. President Donald Trump will let Ukraine to decide whether to engage in territorial swaps with Russia, he said on Friday.
Trump made the comments to reporters on Air Force One as he travels to Alaska for talks with Russian President Vladimir Putin.  Trump takes off for Putin meeting in Alaska 
U.S. President Donald Trump departed Washington aboard Air Force One on Friday to head to a meeting with Russian President Vladimir Putin in Alaska for discussions about a possible ceasefire deal for Ukraine. 
Trump was accompanied by Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and CIA Director John Ratcliffe, as well as other top aides, the White House said. 
"HIGH STAKES!!!" Trump wrote on his social media platform before leaving the White House for the trip.  (With agency inputs)
 
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Donald Trumpsemiconductor

First Published: Aug 15 2025 | 6:34 PM IST

Next Story