Though the United States is the global leader in designing chips, the vast majority of chip production happens overseas, particularly in U.S.-ally Taiwan.

U.S. President Donald Trump plans to impose tariffs on imported computer chips, pharmaceuticals and steel, he said on Monday, to push companies to manufacture more in the United States. The comments mark the latest in a number of trade-related threats unleashed by Trump in recent days.

Fruits and other Mexican foodstuffs typically sold in America would also grow costlier, he said, while American companies that sell crops such as corn, soybeans and rice to Mexico would take an additional economic hit if the Latin American country retaliated with tariffs of its own.

The Trump administration is threatening a 25% tariff on all imports from Canada and Mexico as soon as Saturday — a move that would almost immediately impact car dealerships and factories in the United States.

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