U.S. President Donald Trump said Wednesday that he plans to put a 100% tariff on computer chips. The move will likely increase the cost of electronics, autos, household appliances and other essential goods. Trump highlighted that companies who make computer chips in the U.S. would be spared the import tax.

This comes after the president placed an additional 25% tariff on India for its purchases of Russian oil, bringing combined tariffs on the country to 50%. The tariffs will go into effect in 21 days, meaning that both India and Russia might have time to negotiate with the administration on the import taxes.

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