If he follows through, it could raise prices on many day-to-day items as economists are almost unanimous that tariffs are passed on as consumer price increases.

US President Donald Trump on Monday announced plans to levy tariffs on imports of computer chips, pharmaceuticals, steel, aluminum, and copper. The purpose is to bring production to the United States, boosting domestic manufacturing and aiding the production of military hardware.

US President Donald Trump says he is considering potential tariffs on semiconductors, pharmaceuticals and steel at the House Republican Conference at Trump National Doral in Miami, Florida. (Source: B

The US’s economic partners are racing to sustain trade volumes in a Donald Trump era by closing new bilateral deals and rerouting supply chains to cope with increased US protectionism. Policymakers and trade experts say countries are turning to a tactic deployed during the US president’s first term in office,