On Friday, President Trump revealed plans to impose new tariffs on a range of imports, including oil, gas, semiconductor chips, pharmaceuticals, and eventually copper. The tariffs are expected to go into effect in the coming weeks, with the first wave targeting oil and gas imports as soon as February 18.
Expansion of Tariffs and Trade Measures
In a statement from the Oval Office, President Trump confirmed that the U.S. would place 25% tariffs on goods coming from Mexico and Canada, fulfilling a longstanding promise. Additionally, he plans to introduce tariffs on steel and aluminum, with copper being added to the list at a later date.
Furthermore, Trump expressed intentions to impose those trade measures on pharmaceuticals and “all forms of medicine,” aiming to increase the pressure on foreign imports.
Economic Impact and Warnings of Rising Costs
Economists have raised concerns about the potential consequences of these tariffs. With higher import costs, U.S. businesses may pass on the increased expenses to consumers, which could slow economic growth and fuel inflation.
The new trade measures come as the president suggests negotiations have ended, signaling that his administration is moving forward with these measures despite potential pushback.
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