Trump departs for Alaska to meet Putin. Yonhap News. 

U.S. President Donald Trump said on the 15th (local time) that "tariffs on semiconductors will be decided sometime next week."

Speaking to reporters aboard Air Force One en route to Alaska for a summit with Russian President Vladimir Putin, Trump said, "I have not set tariffs yet."

Immediately before mentioning the timing for semiconductor tariffs, Trump had said, "I will be setting tariffs on steel and semiconductors next week and the week after." However, steel is already subject to a 50% tariff.

The tariffs on steel and semiconductors are item-specific, not reciprocal, and are imposed based on Section 232 of the Trade Expansion Act.

Section 232 of the Trade Expansion Act grants the President the authority to restrict imports through appropriate measures, including tariffs, if the import of certain items is deemed to threaten U.S. national security. The U.S. Department of Commerce is already conducting an investigation into national security threats posed by semiconductors.

Previously, U.S. Secretary of Commerce Howard Rutnik stated on the 27th of last month that "we expect to announce semiconductor tariffs based on this provision in two weeks."

Trump's remarks on semiconductor tariffs came as he asserted that the U.S. economy is booming due to his tariff policies and that Putin is interested in this and desires economic cooperation.

When asked if economic issues would be discussed at the summit, as Putin brought many economic advisors, Trump replied, "We will discuss it if we make progress (at the summit)," adding, "Because that's what they (Russia) want."

He continued, "Putin was not interested in [former President Joe] Biden's economy a year ago, but he is interested in the Trump economy," claiming that hundreds of factories, including automotive and artificial intelligence (AI) plants, are coming to the United States to avoid tariffs.

Regarding the tariff rate for semiconductors, Trump said, "It will be low at first to give them the opportunity to come [to the U.S.] and build [factories]," adding, "After a certain period, it will be very high, and if they don't build here, they will have to pay very high tariffs."

Yonhap News