U.S. President Donald Trump plans to impose additional tariffs on all imports of steel, aluminum, and copper, as well as overseas shipments of computer chips, semiconductor components, and pharmaceuticals.
"It's time for the United States to return to a system that made us richer and more powerful than ever before," Trump stated on Monday at an event in Florida.
He compared his approach to foreign trade with the strict tariffs introduced by President William McKinley in the late 1890s, according to USA Today.
"We need to bring manufacturing back to our country," Trump added. "As you know, we used to build one ship a day. Now we can't do that. Everything has gone to other places and other countries."
In response to reporters' inquiries about rumors that future Treasury Secretary Scott Bessent supports a 2.5% tariff on all imports, Trump expressed that he wants to see "much higher" tariffs.
"Remember the word 'tariffs.' We will protect our people and our companies, and we will defend our country with tariffs," the president said.
At the same time, he urged Congress to lower the corporate tax rate for companies manufacturing goods in the U.S. to 15% from the current 21%.
"If you want to stop paying taxes or tariffs, you need to build your factories here in America. And that is going to happen at record pace," Trump declared.