Trump Plans New Tariffs on Chips, Metals, and Pharmaceuticals

WASHINGTON, Jan 28 — President Donald Trump announced plans to impose tariffs on foreign-made semiconductor chips, pharmaceuticals, and metals like steel, aiming to bring production back to the U.S. He told Republicans at a congressional retreat in Miami that the tariffs could take effect "very soon."

"If you want to stop paying the taxes or the tariffs, you have to build your plant right here in America," Trump said.

Tariffs were a major part of Trump’s previous economic agenda, with similar measures on steel and aluminum during his first term, though they sparked retaliatory actions from U.S. trading partners. While economists warn that such tariffs can raise inflation and slow growth, Trump’s allies view them as a tool for negotiating better trade deals and securing critical materials for national defense.