He encourages foreign companies to bring manufacturing into the United States.
President Donald Trump said that his administration would impose new tariffs on foreign-made automobiles, semiconductors, and pharmaceuticals in early April. The president said the duty on auto imports would be “in the neighborhood of 25 percent” and that semiconductors and pharmaceuticals would be “25 percent and higher, and it’ll go very substantially higher over the course of a year.”
President Trump indicated that the month-and-a-half lead time will incentivize foreign companies to prepare manufacturing facilities within the United States to avoid the new import rates.
“We want to give them time to come in,” the president said. “Because as you know when they come into the United States and they have their plant or factory here, there is no tariff. So we want to give them a little bit of a chance.”
As the Lord Leads, Pray with Us…
- For President Trump as he seeks to encourage foreign companies to manufacture goods within the U.S.
- For Secretary Howard Lutnick to be discerning as he advises the president on commerce.
Sources: The Hill, USA Today
