President Donald Trump announced Tuesday that he plans to unveil new tariffs on imported automobiles, semiconductors, and pharmaceuticals, with rates starting at 25% and potentially increasing over time.
Speaking at Mar-a-Lago, Trump said the tariffs, expected to be announced on April 2, aim to encourage companies to shift production to the United States. He suggested duties on semiconductors and pharmaceuticals could go “substantially higher” over the next year but emphasized that companies establishing factories in the U.S. would be exempt.
The move comes as Trump continues expanding his tariff policies, having recently imposed duties on Mexican, Canadian, and Chinese imports. While the administration argues tariffs will boost domestic manufacturing, economists warn they could lead to higher consumer prices.
Trump also signed a memorandum last week proposing reciprocal tariffs to match duties placed on American goods by foreign countries, giving trade partners time to negotiate before they take effect.
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