February 20th 2025.
During a forum hosted by the Future Investment Initiative Institute, US President Donald Trump revealed his plans to impose tariffs on various goods in the coming month, or possibly sooner. These tariffs, which include cars, semiconductors, pharmaceuticals, and lumber, are part of Trump's efforts to reduce America's trade deficits and promote domestic manufacturing.
Trump has already set a date of March 12 for imposing a 25% tariff on all steel and aluminum imports, and he is also looking to add "reciprocal" tariffs on US imports. According to Yonhap news agency, Trump stated, "I am going to be announcing tariffs on cars and semiconductors and chips... drugs and pharmaceuticals and lumber, probably, and some other things over the next month or sooner."
The President emphasized that these tariffs will have a significant impact on America and reiterated his stance that companies who do not manufacture their products in the US will face consequences. "We're bringing our businesses back. If they don't make their product in America, then very simply, they have to pay a tariff," he stated. However, companies that do manufacture their products in the US will not be subject to these tariffs.
Trump believes that these tariffs will not only bring in trillions of dollars to the treasury but also level the playing field for fair trade. He stated, "It's all going to bring trillions of dollars into our treasury or it's going to mean that there won't be any taxes because we want to have a fair base."
The President's announcement of these tariffs has caused concern among policymakers in Seoul, as South Korea's trade surplus with the US was $55.7 billion last year. Trump has been vocal about his desire to decrease trade deficits and has initiated several tariffs since taking office in January.
Trump's tariffs range from broad ones, such as a universal tariff on all foreign-imported goods, to more specific ones aimed at certain sectors, regions, or countries to achieve his policy goals. However, the President believes that his actions are already producing results. He stated, "I do want to say, while I'm up here, 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." Trump also mentioned that some of the largest companies in the world will be returning to the US, particularly in the chip and car industries.
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