President Trump Announces Plans for Widespread Tariffs

New York City, January 31, 2025 - President Donald Trump has stated his intention to impose significant tariffs on a wide range of imported goods, surpassing 2.5%, as part of a comprehensive strategy to reshape U.S. supply chains.

During a press conference on Monday evening, President Trump emphasized the importance of protecting American industries and workers. He dismissed reports suggesting a starting global rate of 2.5%, indicating his preference for "much bigger" tariffs. He stated, "I have a figure in mind, but I will not reveal it yet. It will be sufficient to safeguard our nation."

Trump's comments follow recent threats to impose 25% tariffs on automobiles from Canada and Mexico. During a speech at a Republican gathering in Miami, he highlighted the potential benefits of tariffs, emphasizing reduced taxes for American workers and businesses, as well as increased domestic manufacturing.

The proposed tariffs are a key component of the Republican agenda alongside tax reform, including a corporate tax rate cut to 15% for companies manufacturing in the United States. Despite the reliance of U.S. manufacturing on imported materials, Trump believes tariffs will incentivize domestic production.

Trump's warning of semiconductor tariffs coincides with concerns about the Chinese artificial intelligence startup DeepSeek. The company has raised investor concerns in recent days, highlighting the need for U.S. innovation in advanced chip manufacturing.

Despite initial speculation that Trump might soften his stance on tariffs, his recent remarks suggest a strong commitment to this policy. He reiterated his threat of up to 50% tariffs on countries that refuse to accept deportees from the United States.

National Economic Council Director Kevin Hassett hinted at the possibility of additional tariffs beyond the specific sectors mentioned by Trump. He indicated that the overall tariff strategy would be part of a broader supply-side reform to stimulate the American economy.

Trump specifically emphasized concerns about auto imports from Canada and Mexico, calling for increased domestic manufacturing in Detroit and other U.S. locations. He also highlighted the success of steel tariffs implemented during his first term, suggesting similar measures for other sectors critical to national security.

While acknowledging the progress of DeepSeek in artificial intelligence, Trump emphasized its implications for U.S. competitiveness. He praised American scientists but called for a laser-focused approach to outpace international advances.