(Bloomberg) -- President Donald Trump is preparing to impose tariffs and minimum prices on imported polysilicon, a bid to boost domestic production of the material as well as the US semiconductors and solar panels made from it. The planned mix of tariffs and price floors marks Trump's latest effort to wield levies to spur US manufacturing and diversify supply chains, which China dominates in the solar industry. The department is also leading Section 232 probes into imports of drones and industrial machinery, among other products. The Trump administration adopted a similar approach on pharmaceutical tariffs to reward companies investing in the US, while avoiding immediate price or supply shocks. Electronics-grade polysilicon serves as an indispensable building block for chips used in products including smartphones, medical equipment, precision-guided weapons and flight-control systems.