According to reports from multiple foreign media outlets, including Reuters and Bloomberg, former President Donald Trump stated on Friday local time while flying to Anchorage, Alaska, that he would announce tariffs on imported steel, semiconductors, and chips in the coming weeks.

Trump said, "I will determine the tariffs on steel and chips next week and the week after. I mean chips and semiconductors—we will decide sometime next week or the week after." It remains unclear whether Trump’s mention of steel tariffs was a slip of the tongue. In June, he had already raised tariffs on steel and aluminum imports to 50%.

Trump explained that the initial tariff rates would be lower to allow companies to establish manufacturing plants in the U.S., after which they would rise sharply, following the model he outlined for pharmaceutical tariffs. He expressed confidence that companies would choose to produce in the U.S. rather than face high tariffs.

Trump also hinted that tariffs on imported chips and semiconductors could be even higher, stating, "The rate I’m thinking about could be 200%, or maybe 300%."

Trump has repeatedly promised to impose tariffs on chips and pharmaceuticals within weeks but has yet to issue an official announcement. Since April, these two industries have been under investigation by the U.S. Department of Commerce, a prerequisite for Trump to impose tariffs on national security grounds. The process could be complex, and the investigation might take months or longer to complete.

Manufacturers and AI companies have been eager to learn details about Trump’s semiconductor tariff plans, as chips are widely used in various modern consumer goods.

Reports indicate that Trump’s imposition of import tariffs on products from nearly all trade partners, as well as on specific industries like automobiles, has disrupted global trade.

In February, Trump raised tariffs on steel and aluminum to 25%, but in May, he announced he would double them to 50% to boost domestic manufacturers. It remains unclear whether he is about to raise metal tariffs again.

On Friday, Trump also suggested he might discuss tariffs with Putin, noting that the Russian leader planned to bring business leaders to the summit. Trump said, "I noticed he brought a lot of Russian businesspeople—that’s good, I appreciate it, because they want to do business. But they can’t do business until we settle this war."

In recent weeks, Trump has threatened higher tariffs on countries buying Russian energy, including a pledge to impose 50% tariffs on goods from India. He also hinted that if the meeting does not go well, he might increase economic pressure on Moscow.