The United States was being treated unfairly by countries such as China and India, President Donald Trump said during a meeting with top technology executives and members of his economic team, according to a new book that offers insights into discussions inside the White House.
The revelations are detailed in Regime Change: Inside the Imperial Presidency of Donald Trump, written by New York Times journalists Maggie Haberman and Jonathan Swan.
According to the book, Trump attended a meeting on March 10, 2025, with US Commerce Secretary Howard Lutnick, Tesla CEO Elon Musk and executives from major technology companies including IBM, Dell, HP, HPE, Qualcomm and Intel. The discussion focused on semiconductor manufacturing and ways to bring more chip production back to the United States.
During the meeting, Trump expressed frustration over Taiwan's dominance in the semiconductor industry, noting that the island produces around 70 per cent of the world's semiconductors and nearly 90 per cent of advanced chips.
"The US gave it all away. Ninety-nine per cent of the business is in Taiwan," Trump reportedly said.
Elon Musk, who at the time was heading the now-defunct Department of Government Efficiency (DOGE), warned about America's dependence on Taiwan for advanced chips.
"Chip fab capacity in the US is weak, especially for the most advanced chips. The United States will only have 30 per cent of TSMC's capacity in 2029. If China invades Taiwan, the entire economy crashes," Musk reportedly said.
Trump then questioned what kept Taiwan ahead of the United States and suggested that companies manufacturing in America would avoid tariffs and reduce risks.
He also warned that companies choosing not to build in the US could face steep tariffs.
"Those who won't build here are going to have massive tariffs to pay — not 20 per cent, like 100 per cent. We're treated so unfairly. China tariffs us over 150 to 200 per cent, India 175 per cent," Trump reportedly said.
Trump's clash with Lutnick over India tariffs
The book also describes a tense meeting on March 26, 2025, between Trump and his economic advisers as discussions intensified over the administration's tariff strategy.
According to the authors, Trump grew frustrated after being presented with official tariff data compiled by the Office of the United States Trade Representative (USTR).
Demanding what he called the "real" tariff numbers, Trump reportedly insisted that India's tariffs on US goods were much higher than the figures provided by government officials.
"Hard facts of how much China tariffs us, how much India tariffs us. You give me bull**** numbers," Trump allegedly told his team.
When Commerce Secretary Howard Lutnick presented the official USTR data, Trump reportedly dismissed the figures and accused officials of providing inaccurate information.
"No, these are bull**** numbers," Trump said, according to the book.
The disagreement reportedly took place in the lead-up to Trump's "Liberation Day" tariff exercise, during which the US imposed a 25 per cent tariff on Indian goods. Months later, the tariffs were increased to 50 per cent over India's purchases of Russian oil.
India-US trade talks continue
Despite the tariff disputes, India and the United States agreed in February 2025 on a framework for a bilateral trade agreement.
Under the proposed framework announced on February 7, the US agreed to reduce tariffs on Indian goods to 18 per cent from 25 per cent, offering India lower duties than several competing exporting nations.
However, subsequent legal developments in the US, including a Supreme Court ruling that struck down parts of Trump's broader tariff framework, prompted both countries to revisit key elements of the proposed agreement.
India and the US are currently working towards finalising the trade pact before July 24, when many imports could revert to normal Most Favoured Nation (MFN) tariff rates under the pre-April 2025 trade framework.
