A preliminary study is due to be completed on April 2 before the reciprocal tariffs are implemented.
The United States may impose a 25 percent tariff on imports of automobiles, semiconductors, and pharmaceuticals as part of a reciprocal tariff plan, President Donald Trump said on Feb. 18.
On Tuesday, Trump told reporters at a press conference at his Mar-a-Lago home in Palm Beach, Florida, that the United States may impose a tariff of “in the neighborhood of 25 percent” on automobiles.
However, he added that additional information would be provided on April 2.
On Feb. 13, Trump signed a plan to enact sweeping tariffs on U.S. trading partners.
At the time, he said the tariffs would be equivalent to “whatever countries charge the United States of America, we will charge—no more, no less.”
A preliminary study is due to be completed on April 2 before the reciprocal tariffs are implemented.
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Representatives of the White House did not immediately respond to a request for clarification from The Epoch Times.
As for semiconductors and pharmaceuticals, Trump said the rate would be 25 percent “and higher” and that “it will go very substantially higher over the course of a year.”
On Feb. 13, the White House said it will examine each country’s tariff and non-tariff trade barriers, including tariff rates, foreign exchange rate policies, regulations and taxes, and other practices the U.S. Trade Representative determines to be unfair.
The Epoch Times previously reported that Russ Vought, director of the Office and Management Budget (OMB), will assess the fiscal impact of these levies within 180 days.
The White House is making the moves to generate additional tax revenue for the federal government.
Trump was asked about the role of the European Union’s (EU) value-added tax in the tariff calculations and if there is anything the economic and political bloc could do to avoid or reduce a reciprocal tariff.
In response, Trump said that the EU has already reduced what he called its “car tariff” to “what we have.”
“The EU had a 10 percent tax on cars, and now they have a 2.5 percent tax, which is the exact same as us,” Trump said.
“So already we’ve saved a tremendous amount. That would be great if everybody would do that, Then we’d all be on the same playing field.”
At the same Feb. 13 announcement, Trump said the reciprocal tariffs could amount to 100 percent on products imported from the so-called BRICS countries: Brazil, Russia, India, China, and South Africa.
That amount will be charged in response to what Trump called playing “games with the dollar.”
The Epoch Times previously reported emerging markets are most likely to be affected by the reciprocal tariffs.
