Trump Says Tariffs On Steel, Chips Coming Next Week

U.S. President Donald Trump said he would be announcing tariffs on steel and chips next week.

“I’ll be setting tariffs next week and the week after on steel, and I would say, chips,” Trump told reporters aboard Air Force One on the way to his meeting with Russian President Vladimir Putin in Alaska. “Chips and semiconductors will be sometime next week.” While the President did not specify precisely how high these tariffs would be, he said that the rate would be “lower at the beginning.” 

His comments follow last week’s remarks in which the President proposed a 100% tariff on imported chips. He also highlighted one major exemption–companies manufacturing in the U.S. or committed to doing so would be spared.

For companies like Apple (AAPL), which have committed to building in the United States, “there will be no charge,” he told reporters in the Oval Office. He warned, however, that companies attempting to back out of their commitments would face penalties. “If, for some reason, you say you’re building and you don’t build, then we go back, add it up, and charge you later — that’s a guarantee,” Trump said.

Shares of AI bellwether Nvidia (NVDA) traded flat in pre-market, while retail sentiment on Stocktwits slipped to ‘neutral’ from ‘bullish’ a week ago. The iShares Semiconductor ETF (SOXX) fell more than 1%, with sentiment turning ‘bearish’ from last week’s ‘neutral.’

The broader market was mixed in pre-market trade as it digested U.S. retail sales data and awaited developments from the Trump-Putin Summit in Alaska. The SPDR S&P 500 ETF (SPY) gained 0.21% while the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) dipped 0.01% lower. On Stocktwits, retail sentiment around the S&P 500 ETF was in ‘neutral’ territory, but retail sentiment around QQQ was in the ‘bullish’ zone.

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