KEY TAKEAWAYS
- President Trump is considering tariffs of 25% or more on automobiles, semiconductors and pharmaceutical products imports into the U.S., according to reports.
- According to The Wall Street Journal, Trump told reporters Tuesday that tariffs would be in “in the neighborhood of 25%” in those areas and could increase “over the course of the year.
- Bloomberg reported that Trump said he would announce the tariffs on April 2.
President Donald Trump is considering tariffs of 25% or more on automobiles, semiconductors and pharmaceutical products imports into the US, according to reports, the latest development in his effort to reshape US trade policy.
According to The Wall Street Journal, Trump on Tuesday told reporters that tariffs would be in “in the neighborhood of 25%” in those areas and could increase “over the course of the year.”
The Journal’s report said that companies in the U.S. might get a “phase-in period,” giving them time to shift manufacturing domestically.
Bloomberg reported that Trump said he would likely announce the tariffs on April 2; the administration has said a review of tariff policy was due a day earlier. The report said that the U.S. imported around 8 million passenger cars and light trucks last year, making up around half of the country’s vehicle sales.
Trump recently signed an executive order that delayed implementation of reciprocal tariffs on countries that have their own tariffs on US goods and has paused for a month tariffs of 25% on imports from Mexico and Canada.
He has already increased tariffs on Chinese products by 10% and last week announced he would impose 25% tariffs on imported steel and aluminum, set to take effect next month.
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