PALM BEACH, FL—President Donald Trump announced on Tuesday his plan to impose auto tariffs "in the neighborhood of 25%" while also considering similar or higher duties on semiconductor and pharmaceutical imports. 

Trump stated that the auto tariffs could take effect as soon as April 2, following cabinet reports outlining various trade policy options. His remarks come as he seeks to reshape international trade relationships, revisiting policies from his previous administration.

Meanwhile, European Union trade officials are set to meet with U.S. representatives today as industries brace for potential impacts. The auto sector faced a similar tariff investigation in 2018, though Trump ultimately decided against implementing the duties at that time.