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Trump vows more tariffs, to announce 25% tax on autos, drugs and chips | N18G

Donald Trump has announced new tariffs, including a 25% levy on imported cars, drugs, and chips, with plans to increase the rates later in the year. He claims these tariff measures are encouraging major global companies to return manufacturing to the U.S. Trump also stated that more details on the auto tariffs will be revealed on April 2, following a report from his cabinet members. Trump has long complained about unfair treatment of U.S. automotive exports, noting that the EU imposes a 10% tariff on vehicles, which is higher than the U.S. rate. The U.S. also charges a 25% tariff on imported pickup trucks to protect domestic manufacturers. The tariffs on drugs and chips will begin at 25% and rise over time, with no set start date yet. Additionally, Trump has imposed a 10% tariff on all Chinese imports and set a March 12 start date for tariffs on steel and aluminum.

first published: Feb 19, 2025 01:56 pm