President Trump announced on Tuesday that he would announce tariffs on automobile, semiconductor and drug imports starting at 25% in early April.
Trump told reporters at Mar Arago that it is likely that tariffs will be announced on April 2, and told the car import obligation would be “nearly 25%.”
Asked about the tariffs on semiconductors and drugs, Trump said, “It's over 25%, and it's going to be very high over the course of a year.”
“But we want to give them time to come,” Trump added. “As you know when they come to America and they have plants and factories here, there are no tariffs. So we want to give them a little chance.”
Trump has been increasing his use of tariffs since taking office despite warnings from many economists that imposing tariffs on imports could lead to higher prices for American consumers.
The president approved a 25% tariff on Mexican and Canadian imports earlier this month, but after these two countries took action to deal with the drug flow at the border, they eventually ended up with one. I delayed them for a month.
Trump is also imposing tariffs on Chinese imports, along with tariffs on steel and aluminum imports.
Last week, Trump signed a memorandum of understanding suggesting mutual tariffs to other countries in line with the tariffs and obligations they place on American goods. These tariffs will come into effect in the coming weeks, giving other countries the opportunity to negotiate deals with the Trump administration.
