In a recent statement, former President Donald Trump confirmed plans to impose tariffs on oil, gas, and pharmaceutical imports in the coming months. The move comes as part of Trump's ongoing efforts to prioritize domestic production and reduce reliance on overseas suppliers.

Trump's announcement follows a series of recent tariff measures aimed at protecting American interests and industries. Last year, he signed the Chips Act into law, which included tariffs on foreign semiconductor imports to boost domestic chip manufacturing. The introduction of tariffs on oil, gas, and pharmaceuticals indicates a continuation of this protectionist approach.

Trump's decision has sparked concerns among observers, with some fearing a potential trade war with Canada. Trump suggested that Canada could become the 51st state if it agrees to eliminate tariffs, a remark that has raised eyebrows among trade experts.

As the debate over tariffs continues to unfold, industries that rely heavily on imported goods, such as oil, gas, and pharmaceuticals, are bracing for the potential impact on their bottom lines. Trump's stance on tariffs is likely to remain a hot-button issue as the country navigates its economic recovery in the coming months.