United States President Donald Trump has said that he will impose tariffs on automobile, semiconductor and pharmaceutical imports of around 25 percent and the announcement is set to come as soon as April 2.
The new duties, if implemented, would widen the president’s trade war. Earlier, the US President has announced 25 per cent tariffs on steel and aluminum that are set to take effect in March. On Tuesday, he shared specifics details on which other sectors would be hit with fresh barriers.
“I probably will tell you that on April 2, but it’ll be in the neighbourhood of 25 per cent,” Trump told reporters at his Mar-a-Lago club when asked about his plan for auto tariffs.
Asked about similar levies on pharmaceutical drugs and semiconductor chips, the president said: “It’ll be 25 per cent and higher, and it’ll go very substantially higher over a course of a year.” Trump said he wanted to give companies “time to come in” before announcing new import taxes.
“When they come into the United States and they have their plant or factory here there is no tariff, so we want to give them a little bit of a chance,” he said, as quoted by Financial Post.
According to Financial Post report, many economists say they would raise consumer prices for Americans and hinder the fight against inflation. Trump also announced that he would apply “reciprocal” levies on a country-by-country basis as soon as April. However, specific details are yet to be determined. He has also threatened duties on some of the U.S.’s biggest trading partners, such as a 10 per cent rate already applied to China and 25 per cent tariffs on Canada and Mexico that have been deferred until at least March 4.
Source: Financial Express
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The new duties, if implemented, would widen the president’s trade war. Earlier, the US President has announced 25 per cent tariffs on steel and aluminum that are set to take effect in March. On Tuesday, he shared specifics details on which other sectors would be hit with fresh barriers.
“I probably will tell you that on April 2, but it’ll be in the neighbourhood of 25 per cent,” Trump told reporters at his Mar-a-Lago club when asked about his plan for auto tariffs.
Asked about similar levies on pharmaceutical drugs and semiconductor chips, the president said: “It’ll be 25 per cent and higher, and it’ll go very substantially higher over a course of a year.” Trump said he wanted to give companies “time to come in” before announcing new import taxes.
“When they come into the United States and they have their plant or factory here there is no tariff, so we want to give them a little bit of a chance,” he said, as quoted by Financial Post.
According to Financial Post report, many economists say they would raise consumer prices for Americans and hinder the fight against inflation. Trump also announced that he would apply “reciprocal” levies on a country-by-country basis as soon as April. However, specific details are yet to be determined. He has also threatened duties on some of the U.S.’s biggest trading partners, such as a 10 per cent rate already applied to China and 25 per cent tariffs on Canada and Mexico that have been deferred until at least March 4.
Source: Financial Express
#healthtechstartupinindia #healthtech #dseidehealthcarenetwork
United States President Donald Trump has said that he will impose tariffs on automobile, semiconductor and pharmaceutical imports of around 25 percent and the announcement is set to come as soon as April 2.
The new duties, if implemented, would widen the president’s trade war. Earlier, the US President has announced 25 per cent tariffs on steel and aluminum that are set to take effect in March. On Tuesday, he shared specifics details on which other sectors would be hit with fresh barriers.
“I probably will tell you that on April 2, but it’ll be in the neighbourhood of 25 per cent,” Trump told reporters at his Mar-a-Lago club when asked about his plan for auto tariffs.
Asked about similar levies on pharmaceutical drugs and semiconductor chips, the president said: “It’ll be 25 per cent and higher, and it’ll go very substantially higher over a course of a year.” Trump said he wanted to give companies “time to come in” before announcing new import taxes.
“When they come into the United States and they have their plant or factory here there is no tariff, so we want to give them a little bit of a chance,” he said, as quoted by Financial Post.
According to Financial Post report, many economists say they would raise consumer prices for Americans and hinder the fight against inflation. Trump also announced that he would apply “reciprocal” levies on a country-by-country basis as soon as April. However, specific details are yet to be determined. He has also threatened duties on some of the U.S.’s biggest trading partners, such as a 10 per cent rate already applied to China and 25 per cent tariffs on Canada and Mexico that have been deferred until at least March 4.
Source: Financial Express
#healthtechstartupinindia #healthtech #dseidehealthcarenetwork
