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.

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