Trump told reporters at a news conference that semiconductor chips and pharmaceuticals are set to face higher tariffs.
US President Donald Trump stood up Trump firmly against warnings that his trade warHe has threatened to derail the US economy, claiming his administration could impose a 25% tariff on foreign cars within weeks.
Trump told reporters at a news conference that semiconductor chips and pharmaceuticals are set to face higher tariffs.
However, a series of announced tariffs has yet to be introduced, with economists and business leaders urging the Trump administration to reconsider.
Canada and Mexico tariffs
Tariffs on imports from Canada and Mexico have been repeatedly delayed; revised duties on steel and aluminum, announced last week, won’t go into effect until next month; and a wave of “reciprocal” tariffs, also imposed last week, won’t take effect until April.
What are customs duties?
Customs duties are taxes on foreign goods. They are paid by the importer of the product—in this case, businesses and consumers located within the United States—not the exporter, anywhere else in the world.
Asked Tuesday whether he had decided on the rate of threatened tariffs on imported cars, Trump said he would “probably” announce it on April 2, “but it will be in the 25% range.”
Asked the same question about threatened tariffs on semiconductors and pharmaceuticals, Trump replied: “It will be 25% and higher, and it will go up significantly over the course of the year.”
Increase tariffs
He explained that the increased tariffs were designed to attract manufacturers to the United States. “When they come to the United States, and they have a factory here, there will be no tariffs.”
Executives have warned that the administration’s tariff plan risks damaging the U.S. economy. “A 25 percent tariff on Mexico and Canada would create a hole in American manufacturing that we’ve never seen before,” Ford CEO Jim Farley said at an investor conference in New York last week.
