U.S. President Donald Trump says he will soon impose tariffs on computer chips, semiconductors and other goods imported into America.

Speaking at Republican retreat in Miami on Monday, Trump reiterated campaign promises to put tariffs on these kinds of goods, which are predominantly manufactured in Asia.

“In the very near future we’re going to be placing tariffs on foreign production of computer chips, semiconductors and pharmaceuticals to return production of these essential goods to the United States of America,” said Trump. He has proposed taxes ranging from 25 to even 100 percent on these products to incentivize foreign companies to do this.

Of course, economists have warned that doing this will likely only increase costs for consumers. Semiconductors, in particular, are commonly used in devices like video game consoles, smartphones and cars, so any such tariffs could result in price increases on these kinds of products. The video game industry might feel this blow the hardest, as all eyes are on Nintendo to release its next console, the Switch 2, and boost business across the board. The Japanese gaming giant is set to reveal more about the console on April 2nd, so we may learn more of pricing then.

It remains to be seen when Trump’s proposed tariffs on these Asian goods might go into effect. In related news, Trump recently said he might impose 25 percent tariffs on all Canadian goods starting on February 1st.

Image credit: Shutterstock

Via: The Washington Post