President Donald Trump announced late Tuesday that he intends to impose a 25% duty on all imported automobiles, semiconductors, and pharmaceuticals.
Speaking to reporters at his resort in Mar-a-Lago, Florida, Trump stated that the tariffs will affect businesses starting April 2.
“It’ll go substantially higher over a course of a year,” President Trump said.
The President stated that delaying the tariffs until April will “give time” for potentially affected domestic companies to relocate their factories to the U.S. to avoid levies. “We want to give them a little bit of a chance,” Trump added.
The tariffs follow Trump’s 10% across-the-board tax on goods coming from China and 25% tariffs on all steel and aluminum imports.
Trump did not state whether the 25% tariffs on autos, semiconductors, and pharmaceuticals would apply to all countries, including those under free trade agreements with the U.S, such as Mexico and Canada.
By CEO NA Editorial Staff
