President Donald Trump is eyeing a “25% or higher” tariff across all semiconductor chips the United States imports, with rates likely to “go very substantially higher over a course of a year,” he told reporters on Tuesday.

Canada and Mexico are expected to intensify efforts this week to avoid punishing 25% tariffs on their exports to the U.S. in talks to persuade President Donald Trump's administration that their steps to increase border security and curb fentanyl trafficking are working ahead of a March 4 deadline.

The 25% tariffs that President Donald Trump has threatened on imports from Mexico and Canada would cause pain in Arizona. Prices on fruits and vegetables, gas and housing would rise and tourism – and the tax revenue it brings – could fall.