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Trump vows global tariffs 'much bigger' than 2.5% and on key areas

Jan 28, 2025 - financialpost.com
U.S. President Donald Trump announced plans to impose significant tariffs exceeding 2.5% on various sectors, including semiconductors, pharmaceuticals, steel, copper, and aluminum, to reshape U.S. supply chains and protect domestic industries. He hinted at potential tariffs on automobiles from Canada and Mexico and emphasized that these measures would encourage domestic production and job creation. Trump also reiterated his intention to reduce the corporate tax rate for companies manufacturing in the U.S. and highlighted tariffs as a key component of his economic strategy.

Trump's tariff plans come amid concerns about Chinese advancements in artificial intelligence, particularly with the progress of the Chinese AI startup DeepSeek. He views tariffs as a means to bolster U.S. manufacturing and counter foreign competition, especially in high-tech sectors. National Economic Council Director Kevin Hassett indicated that these tariffs are part of a broader strategy to reform the U.S. economy, aiming for a "golden age" of supply-side reform.

Key takeaways:

  • U.S. President Donald Trump plans to impose tariffs "much bigger" than 2.5% on key sectors, including semiconductors, pharmaceuticals, steel, copper, and aluminum.
  • Trump has suggested the possibility of imposing tariffs on automobiles from Canada and Mexico, with a potential 25% across-the-board tariff as early as February 1.
  • The proposed tariffs are part of a broader strategy to reshape U.S. supply chains and encourage domestic production by lowering taxes on American-made goods.
  • Trump's tariff plans come amid concerns about China's progress in artificial intelligence, with the Chinese company DeepSeek making significant advancements despite U.S. export bans on advanced semiconductor technologies.
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