President Donald Trump announced his intention to impose tariffs on a broad range of products, including computer chips, semiconductors, pharmaceuticals, steel, aluminum, and copper. He argued that these tariffs would incentivize the return of production of essential goods to the United States. Economists warn that tariffs will likely lead to higher prices for consumers.
President Donald Trump said Monday he intended to put tariffs on a wide swath of products and basic materials in American life, a prospect that could lead to prices shooting higher for U.S. consumers.
Trump also listed aluminum and copper as potential tariff targets as “things that we need for our military.”Trump has often incorrectly said tariffs — charges put on goods imported into the U.S. — are paid by the country the goods originate from. Companies that bring in the goods actually pay the tariffs.Economists are almost unanimous that tariffs are passed from those companies to shoppers in the form of higher prices on store shelves.
He has threatened to impose tariffs on Chinese and Mexican goods starting on Feb. 1, and took the same tack in a brief international spat with Petro Sunday night.Trump’s rhetoric Monday may have been more economic saber rattling. But if he followed through, the implications for household items like computers or cellphones could be huge.
He criticized one of former President Joe Biden’s signature bills, a bipartisan one named the “CHIPS and Science Act” that provided incentives for companies to manufacture computer chips in the U.S.Instead, Trump said, companies would be willing to build plants in America because “they’re not going to want to pay a 25%, 50% or 100% tax.”
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