Washington: US President Donald Trump has announced that he will soon impose tariffs on imported steel and semiconductor chips. "I'll be setting tariffs next week and the week after on steel and on, I would say, chips," Trump said Friday.

According to Qatar News Agency, the tariffs will start at a low level to allow companies to expand domestic manufacturing in the US, and will later increase sharply. Trump did not specify the exact rates for these tariffs. The US President expressed his confidence that businesses will prefer to manufacture domestically rather than face higher tariffs.

The US has implemented high tariffs on exports from most countries, along with tariffs targeting specific sectors like the automotive industry. In February, Trump increased tariffs on steel and aluminum to 25 percent. In May, he announced plans to double this rate to 50 percent to bolster domestic manufacturers.

Recently, Trump also announced plans to impose a 100 percent tariff on semiconductor imports. However, exemptions will be provided for companies that commit to enhancing domestic manufacturing.