iNDICA NEWS BUREAU-
U.S. President Donald Trump has revealed plans to impose new tariffs on cars, semiconductors, pharmaceuticals, and other goods “over the next month or sooner” as part of his strategy to reduce America’s trade deficits, boost domestic manufacturing, and achieve broader policy objectives.
Trump previously announced a 25% tariff on steel and aluminum imports, set to begin on March 12.
He also intends to introduce “reciprocal” tariffs on U.S. imports, in addition to levies on cars, chips, drugs, pharmaceuticals, and possibly lumber, among other products. “It’s going to have a big impact on America,” he said during a forum hosted by the Future Investment Initiative Institute.
The president emphasized that companies failing to manufacture goods within the U.S. will face these tariffs, while those that produce domestically will be exempt.
“We’re bringing our businesses back. If they don’t make their product in America, then very simply, they have to pay a tariff,” he added. Trump believes these measures will generate significant revenue for the U.S. and ultimately reduce taxes, aiming for a fairer trade system.
The announcement has sparked concerns in South Korea, where the trade surplus with the U.S. hit $55.7 billion last year, raising questions about how the country might be impacted by Trump’s tariffs. Since taking office again on January 20, Trump has been aggressive in leveraging tariffs as a tool to meet his policy goals, targeting specific sectors, regions, and countries.
Trump also noted that his tariff policies are already showing positive results, with major global companies expressing interest in returning to the U.S., particularly in industries related to chips and automobiles. “I do want to say, while I’m up here, I’ve been contacted by some of the biggest companies in the world. And because of what we’re doing economically and through tariffs and taxes and incentives, they want to come back into the United States. And we’ll be announcing various very large companies, the biggest, actually, and they’ll be coming back, having to do with chips and having to do also with cars,” he said.
(Photo courtesy: IANS)
