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February 8, 2025

Business

Donald Trump announces Tariff Plan for Steel, Semiconductors, and More

Donald Trump unveils tariff plan for steel, aluminium, copper and more.

Donald Trump announces Tariff Plan for Steel, Semiconductors, and More

An announcement regarding Tariff was made by Donald Trump at a Republican event in Miami.The event was held at the Trump National Doral hotel and golf club.Trump has announced plans for significant tariffs on imported steel, aluminium, and copper. He also targeted goods like computer chips, semiconductors, and pharmaceuticals. The move aims to boost U.S. production of these products.

Trump said it’s time for the U.S. to return to a successful system. He compared his approach to the tariffs pushed by President William McKinley. McKinley’s tariffs were implemented in the late 1890s.

Trump announced tariffs on steel, copper, aluminum, and military-related imports.He stressed the need to bring production back to the U.S .Trump noted, “the U.S. once built one ship per day.” “Now, the country struggles to build ships, he said.Production has shifted to other countries,” Trump added.

Trump hasn’t decided on the exact tariff amount for steel and metals.”It’ll be enough to protect our country,” he said on Air Force One.Trump plans to implement a baseline universal tariff for all imports.His treasury secretary, Scott Bessent, suggests a 2.5% universal tariff.Trump wants the universal tariff rate to be significantly higher than 2.5%.

Trump announced planning for tariffs on chips, semiconductors, and pharmaceuticals soon.

He aims to bring production of these goods back to the U.S. Biden’s administration worked on increasing domestic semiconductor production with financial incentives. The CHIPS Act, signed in 2022, allocated $53 billion for microchip companies. Trump had proposed tariffs on Colombia after President Petro refused deportation flights. He had later dropped the tariff threat after Petro accepted the flights under conditions.

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