In another major development from Trump 2.0, US President Donald Trump has announced that his administration is likely to announce a set of new tariffs on key products imported to the United States.

While speaking to the media, Trump said he could impose a flat 25 per tariff on crucial and strategic products ranging from automobiles, semiconductors, and pharmaceuticals.

Donald Trump, the 47th US President appears to be hell-bent on making his poll promise of making US economy run on tariffs.

He claimed that, as a result of his policies, including blanket tariffs, many large corporations (which he did not name) are contacting him and wish to come back to the US.

Trump also said that a formal announcement on the same would be made on April 2.

Major Companies Want To Return To US

In his media address, Trump said, “I’ve been contacted by some of the biggest companies in the world. And because of what we’re doing economically and through tariffs and taxes and incentives, they want to come back into the United States. And we’ll be announcing various very large companies, the biggest, actually.”

“And they’ll be coming back, having to do with chips and having to do also with cars and lots of other things. We’re going to be announcing some very, very big, very big, momentous — I think momentous decisions are being made by companies all around the world, the biggest, and they want to come back into the U.S. Car plants are being canceled in other locations now because they want to build them here. And you read about a couple — not that I want to mention names or anything, but you read about a couple of big ones in Mexico just got cancelled because they’re going to be building them in the United States.”

25% Tariffs

Talking about the taxes, he further added, “And that’s very simply because of what we’re doing with respect to taxes, tariffs, and incentives. And I think it’s a very important thing. And you’ll be seeing this over the next — probably over the next two years, to be honest. But you’re going to see a lot of it over the next couple of weeks. A lot of big ones are going to be announcing. Yeah, I probably will tell you that in — on April 2nd. But it’ll be in the neighbourhood of 25 percent.”

He initially, said that he would impose tariffs on China, Mexico and Canada. In this, he pulled back on imposing tariffs on Canada and Mexico, putting it on hold for a month, while imposing 10 per cent tariffs on China.

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The Tariff Turf

This comes at the back of the previous tariffs that Donald Trump has either threatened or imposed unilaterally, with his executive orders.

He initially, said that he would impose tariffs on China, Mexico and Canada. In this, he pulled back on imposing tariffs on Canada and Mexico, putting it on hold for a month, while imposing 10 per cent tariffs on China.

He also said that he did will not rule out imposing tariffs on the UK and EU.

In addition, he also imposed 25 per cent tariffs on steel and aluminium, imported to the United States.

Most recently, Trump administration said that it would impose reciprocal tariffs on its trading partners.

Despite this announcement, the US markets closed for the day in green, with marginal gains. The Dow Jones gained 10.26 points or 0.023 per cent. The S&P 500 gained 0.24 per cent or 14.95 points.