WASHINGTON: The Trump administration took actions on Monday that appear to be going to lead to new taxes on semiconductors and pharmaceuticals, adding to the import taxes the president has already imposed internationally.
Federal finds that were posted website claimed that the administration had started national security investigations into the import of cards and pharmaceuticals. Trump has made the suggestion that those studies might lead to taxes.
The studies will also include items containing chips, pharmaceutical ingredients, and semiconductor manufacturing processes. According to Kush Desai, a representative for the White House, the president “has long been clear about the crucial role of reshoring production, which is vital to our country’s regional and economic protection.” The president could impose taxes in accordance with area 232 of the Trade Expansion Act of 1962, which provides for the administration’s protection of US national security.
