Trump Announces Upcoming Tariffs on Oil, Gas, Semiconductors, and Pharmaceuticals

On Friday, President Trump announced that the United States intends to impose tariffs on imports of oil and gas, with the rollout expected around February 18. This decision also includes future tariffs on semiconductor technology, specifically CHIPS, and a commitment to eventually tax pharmaceuticals and various forms of medicine.

During his comments in the Oval Office, Trump emphasized that the time for negotiations over these tariffs has elapsed. Importantly, he mentioned that these new tariffs would be added on top of any tariffs that are currently in effect. Additionally, he mentioned his plans to impose further tariffs on steel, aluminum, and copper, acknowledging that the implementation for copper would take more time.

The announcement coincided with confirmation from White House press secretary Karoline Leavitt that a 25% tariff will be placed on imports from both Canada and Mexico, fulfilling a long-standing intention from the president. Analysts have raised concerns that such steep tariffs could negatively impact U.S. economic growth and drive inflation, as businesses may need to increase prices to absorb these additional costs.