Trump Floats 25% Tariffs on Auto, Drug and Chip Imports
A worker uses a forklift to move steel and aluminum materials in Mexico.
Photographer: Mauricio Palos/Bloomberg
Good morning. Trump floats the idea of 25% tariffs on more products. The US says that Russian sanctions should stay in place until a Ukraine deal is reached. And a Pacific island nation is selling passports to beat climate change. Listen to the day’s top stories.
Donald Trump plans to impose tariffs on cars, chips and drug imports of around 25% with an announcement as early as April 2, widening his trade war. It’s unclear if vehicles made under a free trade agreement with Canada and Mexico would be exempt. Pfizer’s CEO said the drug maker is vulnerable to the possibility of tariffs on the European Union, where it has manufacturing plants. Slapping levies on imported vehicles will put a $240 billion trade route in the crosshairs, with some of the biggest brands in Germany and South Korea among the most exposed.