P resident Donald Trump said Wednesday that he plans to impose 100 percent tariffs on tens of billions of dollars of imported semiconductors used in consumer electronics and other products, but indicated he would not charge companies that commit to making chips in the U.S.

President Donald Trump’s long-awaited tariffs took effect shortly after the stroke of midnight Thursday, imposing sweeping new taxes on imports that economists say will likely get passed on to U.S. consumers and businesses.