TMTPOST -- U.S. President Donald Trump warned on Tuesday he would intensify trade war globally with more tariffs on automobiles and other imports.
Credit：China Central Television
Trump would likely announce tariffs on automobile, semiconductor and pharmaceutical imports of around 25% on April 2, the president told reporters at his home Mar-a-Lago in Palm Beach Florida. “I probably will tell you that on April 2, but it’ll be in the neighborhood of 25%,” Trump replied when asked about new auto tariffs.
Trump also said tariffs on semiconductors and pharmaceuticals would be “25% and higher, and it’ll go very substantially higher over the course of a year.”
Trump added he wants to give companies more time to transfer their production to U.S. “But we want to give them time to come in,” Trump said. “Because as you know 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.”
Trump didn’t specify whether the coming tariffs would apply to all auto imports to the United States or any specific targeted countries. The president has implied he’s ready for more levies when he announced his plan for reciprocal tariffs on trading partners last week.
“I’ve decided for purposes of fairness that I will charge a reciprocal tariff,” Trump spoke with reporters last Thursday in the Oval Office at the proclamation signing a presidential memorandum dubbed “Fair and Reciprocal Plan” (the “Plan”) . “It’s fair to all. No other country can complain.” “They charge us a tax or tariff and we charge them the exact same,” said Trump.
Trump signed a memorandum and ordered the development of a comprehensive plan for restoring fairness in U.S. trade relationships and countering non-reciprocal trading arrangements, according to a fact sheet released by White House. The lack of contributes to U.S. large and persistent annual trade deficit, and the Plan will seek to correct longstanding imbalances in international trade and ensure fairness across the board, per the fact sheet.
The Trump administration will work to to counter non-reciprocal trading arrangements with trading partners by determining the equivalent of a reciprocal tariff with respect to each foreign trading partner, according to the Plan unveiled by White House. The federal agencies including the U.S. Department of Commerce will launch comprehensive examination on non-reciprocal trade relationships with all U.S. trading partners, such as tariffs imposed on United States products, unfair, discriminatory, or extraterritorial taxes imposed on United States businesses, workers, and consumers, including a value-added tax (VAT).
The Plan fell short of implementation details like timetable, targeted goods or levies, possible tariff rates that are under consideration. The reviews needed for the reciprocal tariffs could be completed within a matter of weeks or a few months, the Associated Press cited a senior White House official. White House officials told CNBC that the new tariffs do not go into effect until some months later.
Trump said Howard Lutnick, his nominee for the Secretary of Commerce, will lead the examinations to determine the appropriate tariff levels for each affected country. Lutnick expected the studies will be complete by April 1, and Trump can decide when to enact any new recommended tariffs from April 2.
Trump also signaled more levies on imports would be higher than reciprocal tariffs, such as the 25% steel and aluminum tariffs on Canada and Mexico that the president has paused implemented earlier this month. Autos, computer chips and pharmaceuticals would also be tariffed at higher rates than what his reciprocal plan charges, Trump said.
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