Trump Vows To Put Tariffs On Computer Chips, Drugs, Steel And Aluminum

If he follows through, it could raise prices on many day-to-day items as economists are almost unanimous that tariffs are passed on as consumer price increases.

President Donald Trump said Monday he intended to put tariffs on a wide swath of products and basic materials in American life, a prospect that could lead to prices shooting higher for U.S. consumers.

“In particular, in the very near future, we’re going to be placing tariffs on foreign production of computer chips, semiconductors and pharmaceuticals, to return production of these essential goods to the United States of America,” Trump said during an appearance before House Republicans holding their annual party retreat in Doral, Florida.

“We’re going to look at chips, semiconductors, and we’re going to look at steel and some other industries. You’re going to see things happening.”

Trump also listed aluminum and copper as potential tariff targets as “things that we need for our military.”

If he follows through, the tariffs could have a big impact on Americans’ costs of living.