Trump promises to levy 25% tariffs on drugs, cars, and other goods

Trump promises to levy 25% tariffs on drugs, cars, and other goods.
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 Trump promises to levy 25% tariffs on medications, cars, and other goods. The author is Olalekan Adigun. 27 seconds have passed. President Donald Trump of the United States has declared his intention to impose a 25% tax on automotive imports, in addition to comparable levies on pharmaceuticals and semiconductors. Trump has long complained about what he sees as unfair treatment of U.S. auto exports, and on Tuesday he said that the auto tariffs would be applied "in the neighbourhood of 25%," according to Reuters. 
The United States currently imposes a 2.5% tax on passenger automobiles, whereas the European Union currently imposes a 10% levy on vehicle imports. Associated Stories The implications of Donald Trump's second term for the Nigerian economy President Trump declares a strategy of reciprocal tariffs for the US trading partners February 19, 2025 The implications of Donald Trump's second term for the Nigerian economy Simply saying "no" is insufficient for the opposition in Trump's America. February 10, 2025 The United States does, however, now impose a 25% duty on pickup trucks imported from non-North American nations, which has benefited domestic automakers. Following reports from his cabinet detailing alternatives for a more comprehensive import tax plan, Trump stated that these new levies may go into force as early as April 2. International automakers, especially those in Europe and Asia, are anticipated to be greatly impacted by the planned tariffs, which will also encourage businesses to boost domestic manufacturing. Following this ad, news continues. 
Tariffs on Semiconductors and Pharmaceuticals In addition, Trump disclosed that tariffs on semiconductors and medications go beyond autos chips would begin at 25% and might go up throughout the year. He underlined that the steps are intended to promote manufacturing in the United States, but he did not provide a specific timeframe for their implementation. For active pharmaceutical ingredients (APIs), the U.S.
 pharmaceutical sector is mostly dependent on imports from overseas, especially China and India. Similar to this, the semiconductor industry is intricately linked to global supply networks, with China, Taiwan, and South Korea housing the main centres for chip fabrication. These tariffs have the potential to increase costs for both consumers and businesses by upsetting supply systems. Trade Tensions with the EU and Other Partners Are Increasing Trump's declaration comes before EU trade director Maros Sefcovic and senior U.S. officials are set to meet in Washington, including National Economic Council Director Kevin Hassett, Trump's choice for U.S. Trade Representative Jamieson Greer, and Commerce Secretary Howard Lutnick. 

It is anticipated that the talks will cover the escalating trade tensions and look into possible solutions. Following this ad, news continues. European parliamentarians have denied making any such concessions, despite Trump's assertion that the EU has indicated a willingness to reduce tariffs on American automobiles. Trump, however, has not wavered in his position and has declared that he would keep advocating for more American exports to Europe and other countries. Increasing Trade War Actions Trump has imposed a number of tariffs since becoming office in an effort to lessen trade deficits and put pressure on other nations to renegotiate trade accords. Citing Beijing's actions, he levied a 10% duty on all Chinese imports last month inability to stop the trafficking of fentanyl. 

He also announced a 25% duty on Canadian non-energy imports and Mexican items, which was eventually postponed. Prior exclusions for important allies like Canada, Mexico, and the European Union will be eliminated when Trump's government imposes 25% tariffs on all imported steel and aluminium on March 12. Hundreds of downstream products, ranging from industrial machinery components to electrical conduit tubing, will also be subject to these taxes.

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