President Donald Trump has announced plans to impose sweeping tariffs on key imported goods, including automobiles, pharmaceuticals, and lumber, as part of his broader effort to recalibrate trade relationships and encourage domestic manufacturing.
Speaking to reporters and through posts on Truth Social, the former president detailed his vision for a reciprocal tariff system aimed at addressing what he calls longstanding trade imbalances.
Trump declared that a 25% tariff on imported automobiles will take effect in April, with the potential for further increases. A similar tariff on pharmaceuticals will begin at 25% and escalate over time. "It'll go very substantially higher over the course of a year," Trump stated.
Trump also announced plans to impose 25% or higher tariffs on additional goods, including lumber, semiconductors, and microchips.
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