Donald Trump has stuck to warnings that his threatened trade war risks derailing the US economy, and his administration could hit foreign cars with a tariff of around 25% within weeks He insisted.
Semiconductor chips and drugs are set to face higher obligations, Trump told reporters at a press conference Tuesday.
The White House has repeatedly raised tariff threats since Trump took office last month, pledging to reconcile America’s favorable global economic order.
However, the announced set of tariffs has not yet been introduced to encourage economists and businesses to rethink the Trump administration.
Import obligations from Canada and Mexico have been repeatedly delayed. The revised steel and aluminum taxation announced last week will not take effect until next month. Also, the wave of so-called “mutual” tariffs that were kicked out last week will not begin by April.
Customs duties are taxes on foreign goods. They are paid by product importers (in this case, US-based companies and consumers) elsewhere in the world rather than exporters.
Asked on Tuesday if he decided on a percentage of threatening tariffs on cars from overseas, Trump will “probably” announce “but it’s close to 25%” on April 2. I stated.
When asked the same question about threatened tariffs on semiconductors and drugs, Trump replied: “It’s going to be over 25% and it’s going to be very big over a year.”
The ramp-up is designed to seduce manufacturers into the US, he explained. “When they come to the US and they have their plants and factories here, there are no customs duties.”
Executives warn that the administration’s plans for tariffs could risk damaging the US economy. The 25% tariff in Mexico and Canada “will blow away holes in the US industry we’ve never seen,” Ford CEO Jim Farley told an investor meeting in New York last week.
