U.S. President Donald Trump announced on Friday that new tariffs on imported steel will be introduced next week, followed by tariffs on semiconductor chips the week after.

Speaking to reporters aboard Air Force One en route to a meeting with Russian President Vladimir Putin in Alaska, Trump stated, “I’ll be setting tariffs next week and the week after on steel and on, I would say, chips.”

He mentioned that the initial tariff rates would be relatively low to give companies time to invest in and expand domestic production, with the rates increasing at a later stage. No specific figures were provided.