Donald Trump pledges sweeping tariffs on steel, semiconductors and other imports

President Donald Trump said Monday he plans to impose sweeping tariffs on steel, aluminum and copper imported to the U.S. as well as goods such as computer chips, semiconductors and pharmaceuticals in a push to increase U.S. production of the products.

Trump announced the moves during remarks at a congressional Republican treat at the Trump National Doral hotel and golf club in Miami.

Yet the new tariffs on individual goods and products would mark a scaled-back version of Trump's campaign pledge for universal 10% to 20% tariffs on all imports. Economists warn tariffs, which are taxes on foreign imports, can lead to higher prices for consumers. Trump campaigned on promising to bring down inflation.

Trump said he will place tariffs on steel, copper and aluminum imports "and things that we need for our military."

Trump said "in the very near future" his administration will place tariffs on computer chips, semiconductors and pharmaceuticals "to return production of these essential goods to the United States of America."