Taiwanese chip maker Vanguard International Semiconductor warned on Tuesday that U.S. tariffs on imported chips could spur inflation and impact global economic growth, but said it expects the direct impact on the company would be small.

Donald Trump’s tariff threats prompted Taiwan’s deputy economy minister, Cynthia Kiang, to canvass Washington in person, the Financial Times reports. Taiwan’s move coincides with Taiwan Semiconductor Manufacturing Co’s (NYSE:TSM) board meeting in Arizona for the first time.

President Donald Trump pledged last week to impose an additional 25% tariff on U.S.-bound imports of cars, semiconductors and medical products, possibly after April – a move that experts believe could significantly affect Taiwan.

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