President Donald Trump said he would impose rates on a wide range of imports, including oil and metals, in the coming months, expanding his plans to implement comprehensive commercial tariffs far beyond those who will reach China, Canada and Mexico on Saturday.
“We will do pharmaceuticals and drugs, medicines, etc., all forms of drugs and pharmaceutical products. And we will do, very important, steel and also do chips and things associated with chips, ”Trump said on Friday at the Oval Hall, where he signed an executive order on deregulation.
“Let’s put rates on chips. Let’s put rates on oil and gas. This will happen very soon, I think around February 18th. And let’s put a lot of tariffs in the steel, ”he added.
Trump said there was nothing that Canada, Mexico or China could do to avoid the most immediate rates, a response to what he says is a failure of these nations in preventing the flow of undocumented migrants and illegal drugs, such as fentanil, through the borders of the USA. And Trump told reporters that the US will “do something very substantial” with tariffs directed to the European Union.
Trump’s comments at the Oval Hall reveal that even as he prepares to impose tariffs on the largest US business partners on Saturday, he is beginning to plan them to expand them to other targets he often mentioned, including the EU and also the sectors of Commodities and technology in which the US compete.
The oil rose at the end of the trading session after Trump’s comments. The West Texas Intermediate advanced to $ 73.33 at 4 pm in New York, after previously closed at $ 72.53. Copper futures in New York briefly deleted some of the losses of the day.
Continues after advertising
Trump said on Friday that future tariffs would add to any existing tariffs. But he also indicated that he would try to reduce the rate on oil in the tariffs planned for Saturday. Trump promised a 25% rate on Canada and Mexico and a 10% rate on China.
“I will probably reduce the rate a little about it. We think we will reduce it to 10%, ”said Trump.
Other tariffs directed to oil and gas could come on February 18, he added.
Continues after advertising
Trump had already promised sectoral tariffs – about chips, pharmaceuticals, steel, aluminum and copper – as an attempt to reshape supply chains and force manufacturers to transfer production to the US, but had not specified when they would come into force. Friday’s comments indicate that the president intends to act quickly about these rates.
The threats of tariffs could expand. Trump also ordered reports, due on April 1, on general commercial issues and tariffs, which could lead him to trigger new tariffs or leave the continental commercial pact that renegotiated with Canada and Mexico in his first term. And its administration is investigating whether China has fulfilled a trade agreement signed in its first term, preparing the land for tariffs against the second largest economy in the world.
“China-eu economic relations are essentially mutually beneficial and advantageous for both. If there are differences and friction between the two sides, they should be resolved by dialogue and consultation, ”said Liu Pengyu, spokesman for the China Embassy in Washington. “There is no winner in a trade war or tariff war, which does not serve the interests of either side or the world.”
Continues after advertising
Economists warn that tariffs would increase the cost of imported materials used by US manufacturers, increase prices for US consumers already concerned with inflation and reduce global trade flows.
However, the US President is a declared defender of tariffs, insisting that they will bring a rebirth in domestic manufacturing. And he has promoted rates as a source of revenue while seeking to renew and expand tax cuts that are expiring and approve a number of other credits and benefits.
Trump said he was not concerned about economists’ warnings that tariffs would feed price growth, a concern for voters who helped him return to the White House in the election of last November.
Continues after advertising
“Tariffs do not cause inflation,” Trump insisted.
“Tariff Barrier”
And he compared commercial barriers to a physical wall-similar to what he defended along the US border in his first term and is seeking to resume construction in this administration.
“We will do pharmaceutical products to bring our industry back. We want to bring pharmaceutical products back to the country, and the way to bring them back to the country is to raise a wall-and the wall is a tariff barrier, ”said Trump.
Continues after advertising
Trump’s decision on whether or not to continue the comprehensive tariffs that he has made a central point in his 2024 presidential campaign has been closely monitored by the markets, shaken by uncertainty about whether he will fulfill his promises or simply use the tariffs promised to bring business partners to the negotiating table.
Some business and political leaders had hoped that Trump would adopt a more moderate posture about tariffs as soon as he took office.
© 2025 Bloomberg L.P.
