Trump to Impose 25% Tariffs on Auto, Semiconductor, And Pharmaceutical Imports

Donald Trump said on Tuesday he plans to impose a 25% tariff on auto, semiconductor, and pharmaceutical imports to the U.S. as early as April 2nd. The move follows his recent 10% tariff on Chinese goods and 25% steel and aluminum tariffs. Trump said semiconductor and pharmaceutical tariffs could increase further over the next year but added that companies would have time to relocate manufacturing to the U.S. Experts warn the new tariffs could raise car prices by thousands and increase business costs. The impact is expected to be significant for Asian semiconductor giants, as well as European and Indian pharmaceutical firms, which dominate U.S. drug imports.