President Trump on Friday said the U.S. will impose tariffs on oil and gas imports, likely next month, as well as tariffs on CHIP semiconductor technology and pharmaceuticals eventually.
“Eventually, we’re going to put tariffs on CHIPS,” the president told reporters in the Oval Office on Friday. We’re going to put tariffs on oil and gas.”
Speaking to reporters in the Oval Office Friday, the president said he’ll add tariffs on oil and gas imports around Feb. 18, without citing specific countries.
That announcement comes the same day White House press secretary Karoline Leavitt confirmed the U.S. will be imposing 25% tariffs on imports from both Mexico and Canada, making good on a longtime threat from the president.
Mr. Trump on Friday said the time for negotiation has passed.
All these tariffs will be stacked on top of any existing tariffs, he said.
The president also said he’ll impose additional tariffs on steel and aluminum imports, as well as on copper eventually. The president said imposing tariffs on copper would take a little longer.
The president also said he plans to impose tariffs on pharmaceuticals and “all forms of medicine.”
Experts warn that steep new tariffs on imports could cause U.S. economic growth to slow and inflation to flare, noting that companies in the U.S. are likely to pass on the added costs to consumers.
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