Trump plans to impose 25 percent tariffs on automobile and semiconductor imports

The US government could impose hefty tariffs on automobile, chip and pharmaceutical imports. According to Reuters and CBS News, President Donald Trump told reporters at his Mar-a-Lago estate that the tariffs on auto imports, specifically, will be "in the neighborhood of 25 percent" and that he'll reveal more details about them on April 2. That's the day he's bound to get reports from members of his cabinet outlining options on duties for different imports across industries. When the president was asked how he could ensure that the European Union wouldn't retaliate by imposing the same levies on US imports, the president reportedly reiterated that the bloc signaled it would lower tariffs on US cars.

During the press briefing, the president also said that he's imposing similar tariffs on imported semiconductors and pharmaceutical goods. He said the government could collect 25 percent in taxes, or higher, for those imports and that they will "go very substantially higher over course of a year." It doesn't sound like the president will announce new taxes on chip and pharmaceutical imports in April, though. He said he wants to give companies in those industries "a little bit of chance" to build factories in the US so that they can avoid the new tariffs. 

To note, Reuters previously reported that the US government is looking to renegotiate the CHIPS and Science Act deals closed by the Biden administration. The program seeks to give semiconductor manufacturing a boost in the US by awarding grants to companies building foundries on US soil. But Trump previously criticized the initiative and argued that increasing tariffs would compel chip companies to build factories in the US without the government having to shell out any money. Trump admitted that prices could go up in the US due to the higher tariffs on foreign goods, but the president believes it'll only be a short-term problem and that they will benefit the country's economy in the future.