US President Donald Trump issued a key statement on economic and foreign trade policy in the broadcast he attended.
Trump announced plans to announce new tariffs on the drug and semiconductor industry, and he also denounced Fed Chairman Jerome Powell for resignation.
Trump announced new policies for the pharmaceutical industry and said that it would take a year to six months for those regulations to be implemented. However, if expectations are not met, he said the industry could face 200% tariffs.
Trump also announced that special tariff measures will be announced for the semiconductor sector. He said tariffs could be up to 50%, especially on copper imports. He emphasized that the main purpose of these measures was to encourage other countries to manufacture in the United States.
“Our motivation is to encourage countries to do business in the US. We set a fair but discouraged rate,” he said.
Trump also criticized Federal Reserve Chairman Jerome Powell with harsh words.
“Powell is always late! But he cuts crazy fees like Biden before the election. It’s too late now. Congress should investigate Powell. He should resign soon.”
It was also reported in the press that Trump told Treasury Secretary Benson that he preferred him over Powell.
Trump also sent a message on foreign policy. South Korea should cover its own military spending, and Trump said negotiations are underway with other countries to increase its military contribution.
Coming with a positive message about its relationship with the European Union, Trump said the last day on tariffs was August 1, and that the date was not an extension, but merely a clarification.
“The country is ready to give us everything, but it takes years to do business because we are not strict enough.”
*This is not investment advice.