During a Tuesday press conference at his Mar-a-Lago resort, President Donald Trump said new sector-specific U.S. trade tariffs were in the works, including 25% levies on imported vehicles, pharmaceutical products and computer microchips.

Since returning to office last month, U.S. President Donald Trump has initiated numerous tariffs and made even more frequent threats to impose levies on imported goods.

President Donald Trump suggested imposing tariffs on auto imports, threatening to drive up the cost of cars further amid plans for tariffs on steel, aluminum, Canada, and Mexico. But economists and the insurance industry say that this will raise auto insurance costs.