The president said on his social media site that he is imposing these new tariffs because of export controls placed on rare earth elements by China.

The Trump administration and Saudi Arabia are making progress on an agreement to allow U.S. chip companies to export semiconductors to the Gulf nation and could finalize a deal soon, people familiar with the matter said.

White House weighs tariffs tied to a 1:1 balance between US-made and imported chips, aiming to cut foreign reliance and test Trump’s truce with tech.

Beijing ramped up sweeping restrictions on rare earth exports on Thursday, expanding the list of minerals under control and extending curbs to target their production technologies and their overseas use,

The multibillion-dollar deal was announced in May, but Commerce Secretary Howard Lutnick has since pushed the U.A.E. for certain U.S. investments first.

The chipmaker was worried that the Trump administration would take back $2.2 billion the government had already paid.

WASHINGTON, Sept 26 (Reuters) - The Trump administration is considering imposing tariffs on foreign electronic devices based on the number of chips in each one, according to three people familiar with the matter, as it seeks to drive companies to shift manufacturing to the United States.

Semiconductor industry leaders are warning the Trump administration that a proposed tightening of visa rules risks shrinking a vital talent pool and undermining efforts to expand chip manufacturing in the US.

The struggling American chipmaker is betting that a new plant and fresh product line will help turn around its fortunes.