19-02-2025, 12:35 PM
Trump says he will introduce 25% tariffs on autos, pharmaceuticals and chips https://www.straitstimes.com/world/unite...ade-policy
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Trump says he will introduce 25% tariffs on autos, pharmaceuticals and chips
19-02-2025, 06:46 PM
The steep new tariffs could have far-reaching effects, extending beyond the specific industries where taxes are levied, and hurt consumers with higher prices and businesses with increased costs, economists and industry experts have warned.
Consumers are expected to feel most of the burn by the new import taxes on automobiles, as prices of cars could jump by thousands of dollars, experts have warned. Nearly half of vehicle sales in the US last year, including cars and light trucks, were imported from foreign countries.
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Trump has repeatedly accused Taiwan of stealing America’s chip industry, a claim that experts dispute.
Though details remain unclear, new semiconductor tariffs could hurt Asian chip giants the most, including the likes of TSMC, South Korea’s Samsung and SK Hynix, whose manufacturing plants remain largely in Asia. The threat of new import taxes could also hasten the steps taken by these companies to set up shop or expand in the US.
As for the pharmaceutical industry, the US purchased more than US$176 billion of drugs and related goods in 2023, according to US trade data, making it the largest importer of pharmaceutical products that year.
European, Indian and Chinese firms could be the hardest hit. In 2023, Ireland accounted for 20.4% of pharmaceutical imports, followed by 10.8% from Germany, 8.6% from Switzerland, 6.2% from India and 3.4% from China.
Consumers are expected to feel most of the burn by the new import taxes on automobiles, as prices of cars could jump by thousands of dollars, experts have warned. Nearly half of vehicle sales in the US last year, including cars and light trucks, were imported from foreign countries.
......
Trump has repeatedly accused Taiwan of stealing America’s chip industry, a claim that experts dispute.
Though details remain unclear, new semiconductor tariffs could hurt Asian chip giants the most, including the likes of TSMC, South Korea’s Samsung and SK Hynix, whose manufacturing plants remain largely in Asia. The threat of new import taxes could also hasten the steps taken by these companies to set up shop or expand in the US.
As for the pharmaceutical industry, the US purchased more than US$176 billion of drugs and related goods in 2023, according to US trade data, making it the largest importer of pharmaceutical products that year.
European, Indian and Chinese firms could be the hardest hit. In 2023, Ireland accounted for 20.4% of pharmaceutical imports, followed by 10.8% from Germany, 8.6% from Switzerland, 6.2% from India and 3.4% from China.
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