Trump says auto tariffs to be around 25 pct

WASHINGTON -- US President Donald Trump said on Tuesday that he intends to impose tariffs of around 25 percent on auto imports, with more details coming out on April 2.

"I probably will tell you that on April 2, but it'll be in the neighborhood of 25 percent," Trump told a press conference at his Mar-a-Lago estate in Palm Beach, Florida.

Trump also said that tariffs on pharmaceuticals and chips would initially be set at around 25 percent and would be "significantly higher" within a year.

Trump claimed that tariffs would encourage companies to return to the United States, and if they establish factories within the country, the tariffs would be zero. He said that some large corporations had expressed interest in returning to the United States due to the country's economic policies regarding tariffs, taxes and incentives.

On Feb 10, Trump raised tariffs on aluminum from 10 percent to 25 percent and ended exemptions and exclusions for steel and aluminum tariffs. On Feb 13, he signed a memorandum instructing relevant departments to determine "reciprocal tariffs" with each foreign trading partner.

The US tariff policy has faced widespread opposition. Politicians, business leaders and academics worldwide believe that it will severely disrupt the rules-based multilateral trading system, impact global supply chains, hinder global economic recovery, and harm the interests of all parties involved.