Trump Set to Reveal Tariffs on Vehicles, Chips, and Pharmaceuticals Soon
Click to start listening
Synopsis
US President Donald Trump plans to announce tariffs on vehicles, semiconductors, and pharmaceuticals in the coming month, aiming to reduce trade deficits and promote domestic manufacturing. His previous initiatives have included steel and aluminum tariffs, and he emphasizes the importance of domestic production.
Key Takeaways
- Trump will announce tariffs on vehicles, semiconductors, and pharmaceuticals soon.
- 25% tariffs on steel and aluminum imports start on March 12.
- Companies not manufacturing in the US will face tariffs.
- The move aims to boost domestic manufacturing and reduce trade deficits.
- Trump claims these tariffs will generate significant revenue for the US treasury.
Washington, Feb 20 (NationPress) US President Donald Trump has declared that he plans to introduce tariffs on vehicles, semiconductors, and pharmaceuticals "within the next month or even sooner". This initiative aims to reduce America's trade deficits, enhance domestic manufacturing, and meet various policy objectives.
Trump previously outlined a scheme to implement 25 percent tariffs on all steel and aluminum imports starting March 12, in addition to pursuing "reciprocal" tariffs on imports to the US alongside his efforts for tariffs on cars, chips, and more, as reported by Yonhap news agency.
"I am going to be announcing tariffs on cars and semiconductors and chips ... drugs and pharmaceuticals and lumber, probably, and some other items over the next month or sooner," he stated on Wednesday during a forum organized by the Future Investment Initiative Institute.
"It's going to have a big impact on America.
He emphasized that companies that fail to manufacture their products in the US will incur tariffs.
"We are bringing our businesses back. If they do not produce their product in America, then very simply, they must pay a tariff," he asserted.
"If they do manufacture their product in America, they won't have to pay any tariff, which will lead to ... It's all going to generate trillions of dollars into our treasury or mean that there won't be any taxes because we want a fair base."
Trump's tariff-related announcements have attracted significant attention from policymakers in Seoul, as there are concerns that South Korea, the fourth-largest economy in Asia, may fall under scrutiny due to its trade surplus with the US, which reached $55.7 billion last year.
Since resuming office on January 20, Trump has enacted numerous tariffs and frequently threatened to impose levies on imported goods.
These tariffs vary from broad ones—universal tariffs on foreign-imported goods—to those focused on specific sectors, regions, or countries, aimed at compelling others to comply with his policy demands.
Trump indicated that his tariff actions are already yielding results:
"I want to mention, while I'm up here, I've been contacted by some of the largest companies globally. Because of our economic strategies and through tariffs, taxes, and incentives, they are eager to return to the United States. We will be announcing various very large companies, the biggest, actually, that will be coming back, related to chips and also cars."
