“It’ll be in the neighborhood of 25 percent,” the president said, when asked about the specific rate he’d be placing on foreign automobile imports. When asked about semiconductors and pharmaceuticals, he noted they’d be “25 percent and higher, and it’ll go very substantially higher over the course of a year.”
In Trump’s telling, the tariffs are designed to strong-arm companies into bringing their manufacturing onto U.S. soil. About 20 percent of car sales in the United States last year were imports from Canada and Mexico. But 25 percent tariff on those sales would upend the auto supply chain and likely cause costs to rise dramatically, which would then of course lead prices for consumers to rise as well.
Time will only tell how Trump plans to convince American consumers that they should keep footing the bill—while the price of everything from automobiles to gaming consoles to Ozempic skyrockets.
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