ABOARD AIR FORCE ONE, Feb 19 (Reuters) – The U.S. government announced plans to introduce new tariffs within the next month, adding lumber and forest products to a growing list of goods facing import duties. These additions follow previously announced measures targeting the automotive, semiconductor, and pharmaceutical industries.
“We are preparing to implement tariffs on cars, semiconductors, pharmaceuticals, and lumber, along with other key products, in the coming weeks,” an official stated during a conference in Miami.
Speaking to reporters while traveling back to Washington, the official mentioned a potential 25% tariff on lumber and forest products, with an expected implementation date around April 2. This aligns with a similar rate proposed for automobile imports. The goal, according to the administration, is to generate significant revenue while encouraging trade partners to reduce or remove their own tariffs on U.S. exports.
Additionally, new duties on semiconductors and pharmaceuticals have been outlined as part of broader trade measures. These tariffs, starting at 25% or higher, may increase over time, though a grace period is being considered to allow companies in those industries to establish domestic manufacturing facilities.
Since returning to office, the administration has also imposed an additional 10% tariff on all imports from China due to ongoing concerns over trade practices. Other tariff adjustments, including a delayed 25% duty on imports from Mexico and non-energy goods from Canada, are also under review.
Last week, further plans were announced to implement reciprocal tariffs on countries that impose duties or trade barriers on U.S. goods.
Trade representatives from the European Union met with U.S. officials in Washington to discuss the evolving tariff landscape and its impact on global trade relations. While the proposed policies continue to shift, businesses and international partners remain uncertain about the full scope of upcoming trade measures. Economists and industry experts have warned that broad tariffs could contribute to rising inflation and economic uncertainty.
