Trump adds lumber to list of goods to be subject to tariffs 'next month or sooner'
US President Donald Trump said Wednesday he would announce new tariffs in the next month or sooner, adding lumber and forest products to previously announced plans to impose duties on imported cars, semiconductors and pharmaceuticals.
"I'll be announcing tariffs on cars and semiconductors and chips and pharmaceuticals and drugs and pharmaceuticals and lumber, probably, and a couple of other things in the next month or sooner," Trump said at a conference in Miami.
Speaking to reporters aboard Air Force One as he was traveling back to Washington, Trump said he was considering a 25% tariff on lumber and forest products, which would go into effect around April 2, when tariffs on cars of about the same amount are expected.
He said he expected the tariffs would generate significant revenue for the United States, but also offered countries a reprieve if they lowered or eliminated their own tariffs on U.S. goods.
Trump said Tuesday he also intends to impose similar tariffs on semiconductors and pharmaceuticals, the latest in a series of moves that threaten to disrupt international trade.
The tariffs would also start at “25% or higher,” increasing substantially over the course of a year. He did not give a date for announcing the tariffs and said he wanted to give drug and chipmakers time to set up factories in the U.S. so they could avoid the tariffs.
Since taking office four weeks ago, Trump has imposed an additional 10% tariff on all Chinese imports because of China’s failure to stop the trade in fentanyl. He also announced, and then delayed for a month, 25% tariffs on Mexican goods and non-energy imports from Canada.
Last week, he announced plans to impose reciprocal tariffs on any country that imposes tariffs on U.S. goods or sets non-tariff barriers to limit U.S. access to their markets.
European Union trade chief Maros Sefcovic met with his U.S. counterparts — Commerce Secretary Howard Lutnick, Trump’s nominee to be U.S. Trade Representative Jamieson Greer and National Economic Council director Kevin Hassett — in Washington on Wednesday to discuss the various tariffs facing U.S. trading partners.
Trump’s threats have changed over time, leaving countries and businesses unclear about what will happen next. Some economists and pundits have warned that Trump’s massive tariffs will fuel inflation.
Source: Investing.com
