The Trump administration is considering imposing tariffs of 25% or higher on imported automobiles, semiconductors, and pharmaceuticals, with an official announcement expected on April 1, according to The Wall Street Journal.
Speaking from his Mar-a-Lago club in Florida, President Donald Trump stated that the new tariffs would start at 25% and could increase significantly over time.
He emphasized the need to give businesses a chance to adjust before the new import taxes take effect.
Trump said that companies in the US may be given a window to reassess their imports, allowing them time to shift production back to the United States, though he did not provide further details on the transition period.
The administration has previously justified tariffs on critical industries as essential for national security.
However, Trump had not previously disclosed the exact rate of these tariffs. Past measures included a 25% tariff on imported steel, aluminum, and an earlier increase of 10% on Chinese goods.
The proposed tariffs could trigger reciprocal trade actions from other nations. The Trump administration argues that these duties are designed to counterbalance tariffs and non-tariff barriers imposed by foreign governments on US exports.
If enacted, the new tariffs could reshape global trade relations and have major implications for the auto, tech, and pharmaceutical sectors.
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