25 is the magic number
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 19 February 2025
⏱️ 9 minutes
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Summary
President Donald Trump says he wants to impose tariffs of 25% or more on imports of automobiles, semiconductor chips and pharmaceuticals. The president had previously mentioned sector-specific tariffs. Now there’s a number: 25%. But it’s far from certain that these tariffs will materialize. We’ll discuss. Plus, as part of this month’s Econ Extra Credit series, we’ll talk about how far racial representation come since the early days of TV.
Transcript
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| 0:00.0 | When did you first study mercantilism? Used to be in history class, now it's contemporary economics. |
| 0:08.6 | I'm David Brancaccio. President Trump is promising, but is not yet imposed, 25% tariffs on cars, |
| 0:15.1 | semiconductor chips, and medicines. It's the confirmation of that number, 25%. That's the news. But none of this is certain, |
| 0:22.2 | including just which country's exports would get the tax. Marketplaces Nova Safo joins me now with |
| 0:27.6 | more. Indeed, David, far from certain because for all the tariff talk right now, the only new |
| 0:33.1 | tariffs actually imposed are 10% additional levies on Chinese imports. The president is suggesting he |
| 0:39.2 | wants more, potentially on chips and pharmaceuticals imported from elsewhere, as well as, and this |
| 0:44.3 | is the most solid possibility right now. Tariffs on automobile imports. A key date there is April |
| 0:50.9 | 2nd, a day after a policy review is due over tariff options. |
| 0:56.1 | Trump said he's likely to impose auto tariffs of 25% on that date. |
| 1:01.3 | On that date. And how is the auto industry adapting? |
| 1:05.1 | Well, they're keeping up the drumbeat of differentiating between vehicle imports coming from |
| 1:09.7 | Canada and Mexico, which are covered under a trade |
| 1:12.2 | agreement and everywhere else. This distinction is crucial for U.S. automakers, but also for foreign |
| 1:17.5 | brands with North American investments. It's not clear if Mexican and Canadian imports will end up |
| 1:23.4 | being exempt. The president did not address that, although auto manufacturers certainly hope so. |
| 1:28.7 | Remember, they're also contending with the likelihood of 25% tariffs on steel and aluminum imports. |
| 1:34.1 | Those are scheduled to start March 12th. So that's a lot of moving parts, David, for the auto industry to contend with. |
| 1:40.5 | Novo Saffo. U.S. dollars high. Good if you're a tourist going abroad. A challenge if you are a U.S. exporter, a euro cost just a dollar 4.2 today, and it takes $1.42 Canadian to buy one U.S. |
| 1:55.3 | Construction of single-family homes fell sharply in January with cold weather and wildfires. |
| 2:05.7 | A separate survey of home builder confidence tumbled amid concerns about tariffs on building materials and interest rates staying higher. |
| 2:08.9 | And what will be, TFC, Texas, fried chicken, Yumbrands, owner of KFC, is moving its headquarters |
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