Trump vows sweeping tariffs on oil, pharmaceuticals and semiconductors

President Trump on Friday vowed to impose sweeping tariffs on semiconductor chips, pharmaceuticals, steel and aluminum and oil and gas.

"We'll be doing pharmaceuticals. Importantly in drugs and medicines, etc. All forms of medicine and pharmaceuticals," Trump said. "And we'll be doing, very importantly, steel, and we'll also be doing chips and things associated with chips."

The president said he was eyeing Feb. 18 to impose oil and gas tariffs. He also said that he would tariff Canadian crude oil imports at 10 percent beginning Saturday, while other Canadian goods would be hit with a 25 percent tariff.

He signaled other tariffs would be imposed in the coming weeks, though he did not provide exact dates.

Trump also told reporters in the Oval Office he would "absolutely" place tariffs on goods from the European Union.

"They’re treating us so badly," Trump said of the EU.

Trump's threat came a day before his administration is set to enact tariffs on goods from Canada, Mexico and China.

Trump acknowledged to reporters that the tariffs might cause a "short-term disruption" for consumers. But he argued it would lead to a long-term benefit for U.S. manufacturing.

"Tariffs don’t cause inflation. Tariffs cause success," Trump said. "There could some temporary short-term disruption, and people understand that."

The stock market fell on Friday after the White House made clear the tariffs on Canada, Mexico and China would not be delayed.

Mexico and Canada are two of the top trading partners with the United States, and experts have warned that tariffs could lead to increased prices for American consumers for certain goods.

Topics

Trump Tariffs Could Hurt Oil Companies and Raise Gas Prices

Some oil refineries will probably struggle to replace imported crude oil if President Trump imposes 25 percent tariffs on products from Canada and Mexico.
The New York Times - 1h
Trump says he'll impose tariffs on oil and gas imports next month

President Trump on Friday proposed significant new tariffs on multiple sectors of the economy.
CBS News - 2h
Oil prices post weekly drop as outline of Trump’s tariff plans emerges

Oil futures ended lower Friday, contributing to a loss for the week, though prices held on to a gain for the month as traders awaited a tariff decision by President Donald Trump on crude imports ...
MarketWatch - 4h
Canada warns Trump’s tariffs could leave US reliant on Venezuela’s oil

Foreign minister Mélanie Joly holds meetings in Washington in attempt to avert trade war
Financial Times - 19h
Trump says he might exclude oil from tariffs on Canada and Mexico

US president intends to impose penalties on trading partners as soon as this weekend
Financial Times - 1d
Trump calls for tariffs on computer chips, semiconductors and pharmaceuticals from Taiwan

Donald Trump called for tariffs on foreign computer chips, semiconductors, and pharmaceuticals from places like Taiwan in the near future.
VentureBeat - 3d
Johnson vows ‘no daylight’ between Congress and Trump on tariff-immigration threats

Politico - 4d
How Trump’s Shifting Tariff Vows Apply to Changing Objectives

Though he failed to impose sweeping tariffs on day one as promised, Trump has repeated threats of applying big import duties soon, as reasons behind them shift.
Inc. - Jan. 23
Oil ends lower as Trump’s output and tariffs plans fuel supply uncertainty

Oil futures ended lower on Tuesday as traders weighed prospects for crude supplies after President Donald Trump vowed to boost already record U.S. crude output, threatened to implement a steep ...
MarketWatch - Jan. 21