The US government plans to impose import tariffs on cars, semiconductors, pharmaceuticals and lumber in March. This was announced by US President Donald Trump on Wednesday.
“In the next month or so, I will announce tariffs on cars, semiconductors, pharmaceuticals, drugs, pharmaceuticals and lumber. And maybe some other products“, he said at an investment forum hosted by Saudi Arabia in Miami, Florida.
“This will have a big impact on America. We are bringing our businesses back," the US president added.
Earlier, Trump said that the United States intends to impose tariffs on foreign cars of about 25%, with similar tariffs to be imposed on pharmaceutical products. He told reporters at the White House last week that he planned to impose tariffs on cars "around April 2". On January 31, the US leader announced that the United States intends to impose tariffs on imports of chips and related products into the country, as well as oil, gas, steel, aluminum and copper. At the time, Trump did not specify which countries' products could be affected by these measures. On February 10, he ordered a 25% tariff on all steel and aluminum imports.
On February 13, the US president signed an executive order imposing similar retaliatory tariffs on international trading partners that have imposed tariffs on US products. He warned that Washington will adhere to the principle of reciprocity in trade with all countries.
The United States administration can balance the country's budget as early as 2025, Trump also said.
„All this can happen. I don't want to promise, because if I do it and we are $10 short, the lying media will say: „We have breaking news. He failed". Maybe this year we will have a chance to do it and people will be shocked, because they said it would happen in 10, 15, 20 years," the president said.
The US national debt exceeds $36.5 trillion, or over $107,000 per capita. Most American experts are inclined to believe that it is possible to balance the budget within 10 years. They recommend tying federal spending to the average annual income over the previous three years, adjusted for population growth and inflation. Experts point to a long-standing problem with Congress in formulating the federal budget: the lack of a comprehensive plan that includes absolutely all spending and revenue. They propose reducing unnecessary expenses that are becoming a burden on taxpayers.
The Washington administration is considering the possibility of using some of the funds saved as a result of the actions of the Department of Government Efficiency (DOGE), headed by American entrepreneur Elon Musk, to pay down the US national debt, President Trump said.
“There is even a new plan being considered where we will give 20% of the money saved by DOGE to American citizens, and another 20% will go to debt payments“, the American leader said at an investment forum in Miami, Florida, organized by Saudi Arabia.
According to Trump, Musk is “a very motivated person, a very serious person, he has a very high IQ”.
"It has its flaws, but not too many", added the American leader, speaking about the head of DOGE. The head of state emphasized that Musk and his department "are waging a real war against inefficient spending of budget funds, fraud and abuse, reducing the rate of inflation and saving taxpayers billions and billions of dollars every day."
Trump appointed Musk as the head of DOGE to improve the efficiency of the US government, reduce the bloated state apparatus and fight bureaucracy. The American leader noted that the department "will provide recommendations and advice from the outside", cooperating with the White House. According to NBC News, the new structure will not become a full-fledged department in the federal government.
On January 24, the new agency announced that in the first 80 hours of operation it had canceled government contracts deemed unnecessary worth approximately $420 million. In total, Musk expects to reduce US government spending by $2 trillion.