President Donald Trump arrives to speak at the 2025 House Republican Members Conference Dinner at Trump National Doral Miami in Doral, Fla., Monday, Jan. 27, 2025.

US President Donald Trump said on Monday he intended to put tariffs on a wide swath of products and basic materials in American life, a prospect that could lead to prices shooting higher for US consumers.

“In particular, in the very near future, we’re going to be placing tariffs on foreign production of computer chips, semiconductors and pharmaceuticals, to return production of these essential goods to the United States of America,” Trump said during an appearance before House Republicans holding their annual party retreat in Doral, Florida.

“We’re going to look at chips, semiconductors, and we’re going to look at steel and some other industries. You’re going to see things happening.”

Trump also listed aluminum and copper as potential tariff targets as “things that we need for our military.”

If he follows through, the tariffs could have a big impact on Americans’ costs of living.

Trump has often incorrectly said tariffs — charges put on goods imported into the US — are paid by the country the goods originate from. Companies that bring in the goods actually pay the tariffs.

Economists are almost unanimous that tariffs are passed from those companies to shoppers in the form of higher prices on store shelves. A

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