Washington: U.S. President Donald Trump stated on Friday that his administration is preparing to introduce tariffs on semiconductor imports, potentially as soon as next week. This announcement comes as major South Korean technology companies, including Samsung Electronics Co. and SK hynix Inc., closely monitor the unfolding U.S. trade policies. According to Yonhap News Agency, Trump made these comments during a session with reporters aboard Air Force One, while on his way to Alaska for discussions with Russian President Vladimir Putin. The upcoming talks are aimed at negotiating a cessation of the ongoing conflict in Ukraine. Addressing the reporters, Trump said, "Chips and semiconductors, we'll be setting sometime next week, (or) the week after," though he did not specify the exact tariff rate. He did, however, indicate an escalation from a "lower" to a "very high" rate over time. Trump elaborated that the initial tariff rate would be lower to encourage foreign companies to establish production facilities in the U.S. "Well, I'm going to have a rate that is going to be lower at the beginning. Then that gives them a chance to come in and build. And very high after a certain period of time," he stated. He added, "And if they don't build here, they have to pay a very high tariff." The President's recent declaration aligns with his previous week's statement, wherein he mentioned plans to impose a tariff of approximately 100 percent on semiconductor imports. This move is part of a broader strategy to bolster domestic semiconductor manufacturing. To enact these tariffs, Trump has invoked Section 232 of the Trade Expansion Act of 1962, granting him the authority to modify import regulations if they are deemed a threat to national security.