Trump imposes 15% tariff on key chip material to counter China

US President Donald Trump signed an executive order on Thursday that imposes a 15% tariff on imported products made from polysilicon, a crucial material used in semiconductors and solar panels.The order also set minimum import prices on polysilicon and related products. It comes after a national security investigation into the production of the material overseas.The move is intended to help protect US manufacturers as they face increasing competition from China's chip industry - a key source of friction between the world's two largest economies.The Chinese embassy in Washington said the move "seriously disrupts" trade between the two countries and Beijing will act to protect its companies.Washingtom is "abusing state power to go after Chinese businesses," the embassy said, adding that protectionism will not make the US more competitive.Trump said in the order, external that he had accepted recommendations by Secretary of Commerce Howard Lutnick to set minimum import prices as well as a 15% tariff on polysilicon and related imports.The measures are due to take effect in December.The US will also offer incentives to boost domestic production, it added.For decades, the US has allowed ...