President Donald Trump on Monday threatened China, India, and Brazil with high tariffs once again, calling them countries “that really mean harm” to the US.
“We’re going to put tariffs on outside countries and outside people that really mean harm to us,” Trump said at the House Republicans conference dinner in Miami, Florida, pledging to bring about a “fair system, where money will come into our conference, and America will be very rich again, and it will happen quickly.”
“Under the America first economic model, tariffs on other countries go up, taxes on workers and businesses will come down, the job creation will be enormous,” he said, adding that those who do not want to pay tariffs need to build their factories in the US.
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Trump focused on bringing back semiconductor, chip, and pharmaceutical production in the US, pointing out that these companies have shifted their operations to Taiwan.
“They left us and went to Taiwan, which is about 90% of the chip business, and we want them to come back, but we don’t want to give them billions of dollars like this ridiculous program Biden has,” he said, criticizing the CHIPS and Science Act, which provides $280 billion in funding to accelerate the US chip industry.
He added that these businesses will be coming back “in the near future” as chipmakers will be incentivized to not pay his tariffs.
“We will be placing tariffs on foreign production of computer chips, semiconductors, and pharmaceuticals to return production of these goods to the US,” said Trump.
Trump took office on Jan. 20 and did not impose tariffs on other countries like he promised throughout his presidential campaign, instead, he has been using tariff threats as leverage in negotiations. He continues to threaten major trade partners, such as Mexico, Canada, China, and the EU, with tariffs.
-Source: AA
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