On Sunday, Commerce Secretary Howard Lutnick said the U.S. will announce the results of its semiconductor import probe in two weeks.
What Happened: Speaking after Donald Trump met with European Commission President Ursula von der Leyen, Lutnick said the national security investigation into chip imports is nearing completion, reported CNBC.
It's one of the "key reasons" the EU sought to negotiate a broader trade agreement that would "resolve all things at one time," he told reporters.
The Trump administration is conducting the probe under Section 232 of the Trade Expansion Act of 1962, the same statute previously used to impose tariffs on steel, aluminum and autos.
The review follows concerns that the U.S.'s reliance on foreign-made chips, particularly from Taiwan, poses a national security risk.
Why It's Important: The upcoming ruling could pave the way for sweeping new tariffs on global chipmakers unless they expand U.S.-based production. Trump said firms from Taiwan and other places are already planning domestic investments to dodge penalties, the report added.
The probe builds on a wider trade crackdown that has reshaped global supply chains and could have significant implications for companies like Taiwan Semiconductor Manufacturing Co. TSM and Samsung Electronics SSNLF, as well as U.S. tech giants like Nvidia Corporation NVDA, Tesla Inc. TSLA and Apple Inc. AAPL dependent on overseas semiconductor supply.
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