US President Donald Trump announced new 25% tariffs on all steel and aluminum imports into the US on February 10, a move that would impact all, including major trading partners like Canada and Mexico. Trump also revealed an ambitious plan to introduce “reciprocal” tariffs on countries trading with the US, signaling potential turmoil for the global economy.
On February 18, Donald Trump announced his intention to introduce tariffs of approximately 25% on automobile imports, as well as semiconductor chips and pharmaceutical products entering the United States. Speaking at his Mar-a-Lago resort in Florida, he indicated that the tariffs on semiconductors and pharmaceuticals would not remain static, stating his plans to raise them further over the course of a year. Trump emphasized that he wanted to provide businesses the opportunity to shift production to US soil to bypass the tariffs. “We want to give them a little bit of a chance,” he explained.
This announcement follows Trump’s directive to investigate foreign nations’ taxation and tariff structures, setting the stage for new reciprocal trade duties to be enacted as soon as April 2, immediately following the conclusion of the review. Howard Lutnick, Trump’s nominee for Commerce Secretary, confirmed last week that the administration is actively preparing for the implementation of these measures.
Jeff Newman JD MBA, represents whistleblowers nationwide relating to customs and tariff fraud concerning imported Chinese goods as well as corporate whistleblowers in major claims under the False Claims Act (Qui Tam), and SEC, IRS and FINCEN whistleblower programs. He can be reached at Jeff@JeffNewmanLaw.com or at 617-823-3217
