Trump signals imminent tariffs on chips, metals, and energy, set for February

US President Donald Trump announced on January 31 that the US intends to impose tariffs on imports of chips and related products, as well as oil, gas, steel, aluminium, and copper.

Speaking to reporters at the White House, Trump stated that these duties would be implemented gradually, with the first batch of tariffs expected to take effect around February 18, Caliber.Az reports via foreign media.

"We're going to impose duties on chips, oil, and gas. That’s going to happen pretty soon. I think around February 18," Trump said.

He also mentioned that the US already has steel tariffs in place, which have helped protect the US steel industry, but added that further duties would be imposed on steel, aluminium, and eventually copper. "Copper will take a little longer," he noted. "It's going to be huge money for our country, huge money."

Trump emphasized that these tariffs are part of a broader effort to support US industries, saying, "We’re going to do the same thing with chips. And with anything that has to do with chips."

The US president also mentioned the possibility of imposing additional tariffs to support the domestic pharmaceutical industry. However, he did not specify which countries' products would be affected by these new measures.

Economists have warned that increased tariffs could raise the cost of imported materials used by US manufacturers, leading to higher prices for US consumers, who are already grappling with inflation. Despite these concerns, Trump argued that the tariffs would foster import substitution, generate revenue for the US budget, and enable the extension of expiring tax breaks, as well as the approval of other economic incentives.

"Tariffs don't cause inflation," Trump insisted during the briefing.

Many political and business figures had hoped that Trump would adopt a more moderate stance on tariffs after taking office. In response to Trump's remarks, Liu Pengyu, a spokesman for the Chinese Embassy in Washington, stressed that economic ties between the US and China are mutually beneficial and that any differences should be addressed through dialogue and consultation. "There is no winner in a trade or tariff war because it is not in the interest of either side or the world," Liu stated.

European Central Bank President Christine Lagarde also weighed in on the issue, noting that tariffs would likely have a negative impact on the global economy. "One thing is certain about the duties: they will have a negative effect on the whole world," Lagarde said on January 30.

By Tamilla Hasanova