Trump announces 100% tariffs on chips
President Donald Trump announced on Aug. 6 that he will impose tariffs as high as 100% on imports of chips and semiconductors to the U.S. Only those manufacturing these products in the U.S. can escape this charge, he added.
Trump told reporters in the Oval Office that the new rate would apply to all chip and semiconductor imports except those from companies that have committed to manufacturing in the U.S.
As reported earlier, the Bitcoin mining industry has taken a hit due to Trump's tariffs on chips. While the U.S. is the leader among crypto mining countries, it is Asian countries such as China, Indonesia, Malaysia, and Thailand that are the key manufacturers of mining rig equipment on which even the miners based in the U.S. are dependent.
This is a developing story.