Trump plans to impose 25% tariffs on autos, chips and pharmaceuticals

(CNN)– President Donald Trump plans to impose tariffs of around 25% on auto imports as well as semiconductor chips and pharmaceuticals shipped to the United States.

The new tariffs could begin as early as April.

For tariffs on semiconductor chips and drugs, the president intends to eventually increase the rate but he said he wants to give time for potentially affected companies to bring their factories to America.

Trump recently enacted a 10% across-board-tariff on goods coming from China, and 25% tariffs on all steel and aluminum imports.