US President Donald Trump made important statements regarding economic and foreign trade policies in a broadcast he attended.
Trump announced plans to unveil new tariffs on the pharmaceutical and semiconductor industries, and he also slammed Fed Chair Jerome Powell, calling for his resignation.
Trump stated that he would announce a new policy for the pharmaceutical industry and that it would take one to one and a half years for these regulations to be implemented. However, if expectations are not met, he said the industry could face a 200% tariff.
Trump also announced that special tariff measures would be announced for the semiconductor sector. He stated that tariffs could go up to 50%, especially on copper imports. He emphasized that the main purpose of these measures is to encourage other countries to manufacture in the US.
“Our motivation is to encourage countries to do business in the United States. We set fair but discouraging rates,” he said.
Trump also criticized FED Chairman Jerome Powell with harsh words:
“Powell is always late! But he slashed rates like crazy for Biden before the election. Now it’s too late. Congress should investigate Powell. He should resign immediately.”
It was also reported in the press that Trump told Treasury Secretary Benson that he preferred him over Powell.
Trump also gave messages in foreign policy. Stating that South Korea should cover its own military expenses, Trump stated that negotiations were ongoing with other countries to increase military contributions.
Trump, who gave positive messages about relations with the European Union, stated that the final date on customs duties was August 1, and that this date was not an extension, but merely a clarification.
“Countries are now ready to give us everything. But it takes years to make a deal because we are not tough enough.”
*This is not investment advice.
