Trump Says Tariffs Will Be Hiked on Oil Next Month and Steel, Aluminum Tariffs Going Higher; EU Next
President Donald Trump told reporters that his administration plans to put tariffs on oil and gas, and on items related to semiconductor chips and pharmaceuticals, and he gave more details about previously threatened tariffs on steel, aluminum and copper.
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"We’re going to put tariffs on oil and gas, that’ll happen pretty soon, I think around the 18th of February," he said, though it wasn't clear whether he meant imported oil and gas from all countries, or if that was part of the Canada and Mexico tariff action.
He also said that the 25% tariffs on steel and 10% tariffs on aluminum from most countries under Section 232 will be adjusted, and that the last action "was relatively small as compared to what’ll be" levied next. "It’ll be a great boost for our steel industry, it’ll make our steel industry very strong. I think the people who love me most in the whole world are the people who make steel. We'll give you an announcement as to the exact date."
He said "copper will take a little bit longer."
Trump said he will erect "a tariff wall" to pharmaceuticals and all forms of medicines, "to bring our industry back."
A reporter asked him if, after putting tariffs on Canada and Mexico, he would turn to the EU. "Absolutely," he said. "The European Union has treated us so terribly." He later added, "We'll be doing something very substantial with the European Union. We'll be bringing the level up to where it should be."
In response to a question from a reporter, Trump said that while anger over inflation was one of the main reasons he was elected, he doesn't think this broad program of tariffs will make inflation spike. "There could be some temporary short-term disruption, and people will understand that," he said.