President Trump is now reportedly contemplating the imposition of a 25 percent tariff on international timber and wood products in order to include another item in the growing list of products subject to duties.
During his trip back to Washington on Wednesday, President Trump revealed to reporters aboard Air Force One that he was exploring the possibility of implementing the 25 percent tax rate in April.
“I’m going to be announcing tariffs on cars and semiconductors and chips and pharmaceuticals, drugs and pharmaceuticals and lumber, probably, and some other things over the next month or sooner,” Trump said.
“It’s going to have a big impact on America, We are bringing our businesses back. If they don’t make their product in America then they will very simply have to pay a tariff, but if they do make their product in America, they don’t have to pay any tariff,” he continued.
At the beginning of this week, President Trump made it clear that he was considering imposing a tariff of 25 percent on vehicles, semiconductors, and pharmaceuticals beginning in April.
This duty had the potential to escalate throughout the course of the year.
In his campaign, the president has advocated for the use of tariffs as a means of restoring the industrial sector and the economy of the United States.
Since he took office, he has taken action on it, despite the fact that some economists have warned that moves of this nature could cause an increase in the prices of goods for Americans.
After consulting with the leadership of both countries and increasing attention to the issue of preventing the flow of narcotics across the borders, he imposed a tariff of twenty-five percent on commodities that were flowing from Canada and Mexico.
He delayed the implementation of these levies for a month.
For the purpose of proposing reciprocal tariffs that will be adjusted for each and every trading partner, President Trump issued a memorandum the previous week.
Despite the fact that they will not be immediately implemented, the president has instructed his administration to investigate how the plan would be implemented in each country.
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