The S&P 500 (SPX) opened in the green but has since turned negative after President Trump warned of excessive tariffs on semiconductor imports.
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“I’ll be setting tariffs next week and the week after, on steel and on, I would, say chips — chips and semiconductors, we’ll be setting sometime next week, week after,” Trump said aboard the Air Force One en route to Alaska for a meeting with Russian President Vladimir Putin. Trump added that he would set a rate “that is going to be 200%, 300%.”
Trump Eyes Tariffs and Intel Stake to Boost U.S. Chipmaking
Trump had previously said that he planned a 100% semiconductor tariff during a White House event with Apple (AAPL) CEO Tim Cook. Companies could be exempt from the tariff if they moved manufacturing to the U.S.
Yesterday, Bloomberg reported that the Trump administration was considering taking a stake in Intel (INTC). Shares of INTC have halved during the past five years as the American chipmaker has fallen behind competitors like Advanced Micro Devices (AMD) and Nvidia (NVDA).
The S&P 500 is down by 0.17% at the time of writing.
