Updated:2025-01-30 01:46 Views:123
US President Donald Trump delivers remarks alongside Speaker of the House Mike Johnson (L) at the House Republican Members Conference Dinner at Trump National Doral Miami, in Miami, Florida on January 27, 2025. (Photo by Mandel NGAN / AFP)
Washington, United States — President Donald Trump said Monday that the United States will soon place tariffs on foreign-made semiconductor chips, pharmaceuticals and metals such as steel.
Speaking at a Republican congressional retreat in Miami, Trump said the levies could take place in the “very near future,” so as to “return production of these essential goods to the United States of America.”
Article continues after this advertisement“If you want to stop paying the taxes or the tariffs, you have to build your plant right here in America,” he added.
pop the slotsFEATURED STORIES BUSINESS BOC intercepts undeclared foreign currency worth Php 24.20M BUSINESS BIZ BUZZ: Robina celebrates ‘twin’ BUSINESS Property, economy roundup: What’s driving the momentumREAD: Trump ‘not 100% sure’ he’s barred from third term
Tariffs are a key part of Trump’s economic agenda.
Article continues after this advertisementDuring his first administration, he ordered sweeping tariffs on imported steel and aluminum, targeting allies like Canada, Mexico and the European Union.
By the closing bell, the Philippine Stock Exchange Index (PSEi) shed 0.41 percent, or 30.44 points, to 7,428.30.
Article continues after this advertisementBut these led to retaliatory measures from the key US trading partners.
Article continues after this advertisementEconomists have warned that tariffs could weigh on growth and add to inflation, as they are generally paid by importers bringing products into the United States.
The importers can then pass those costs on to American consumers.
Article continues after this advertisementBut those in Trump’s circle have pointed to tariffs as a means for negotiation and to remedy unfair trade practices.
“I’ll also be placing tariffs on steel, aluminum and copper and things that we need for our military,” he said.
Subscribe to our daily newsletter