After steel and aluminum, U.S. President Donald Trump's next target in line of tariffs of as much as 25% are semiconductors, cars and pharmaceuticals.
Trump has already slapped an additional 10% tariff on goods from China and has also threatened tariffs on Canada and Mexico, plus ordered a study into putting into place reciprocal tariffs.
Here's a look at who would be hit the hardest if U.S. import tariffs on semiconductors, cars, and pharmaceuticals go into force.
Semiconductors, or microchips, are the brains of our electronic devices. Demand has soared with the development of AI, which relies on thousands of them to crank through information.
Asia is a major center of semiconductor manufacturing.
The United States exported $70 billion of electronic components last year but imported double that amount, according to the U.S. Commerce Department.
Imports from Taiwan alone represented nearly $37 billion.
The island is home to chip manufacturing giant TSMC and a big portion of its factories. Tariffs could encourage it to diversify its production sites further. It already has plans to build three new factories in the United States.
Taiwanese leader Lai Ching-te said last week that Taiwan would "expand investment and procurement in the United States to promote bilateral trade balance."
South Korea, home to Samsung, saw its exports of electronic components double last year to more than $8 billion, according to the country's customs data. Its components are the country's second-largest export item to the United States behind cars.
"Disrupting the supply chain... would create serious challenges for the whole world, including the United States," said an executive of the trade association for South Korea's electronics industry.
The United States, the world's No. 2 auto market behind China, imported $269 billion in vehicles last year, according to U.S. Commerce Department figures.
Of those, $95 billion came from Mexico. Japan, South Korea, Canada and Germany are also major importers of vehicles into the United States.
U.S. auto exports totaled only $72 billion.
Additional tariffs would affect all carmakers, with U.S. automakers having factories in Mexico and Canada. U.S. carmakers would also be affected through components suppliers located abroad, noted Matthieu Noel at the Roland Berger consultancy.
Laurel Broten, who heads up Canada's agency that attracts foreign investment, Invest in Canada, gave an example of an auto component that crossed the U.S.-Canadian border eight times before being installed into a vehicle.
"Tariffs on 'Canadian cars' are also tariffs on U.S. players in the supply chain," she told Agence France-Presse (AFP).
Moreover, carmakers from all countries, including the United States, built factories "in Mexico to tap into lower wages," noted Noel.
For U.S. consumers, "the price of vehicles will rise considerably. When one adds 25% import tariffs that can't be totally absorbed by margins," he said.
However, many international brands of cars are now made in the United States.
The world's largest carmaker, Japan's Toyota, sold 2.3 million vehicles in the United States last year. However, more than half were manufactured in the United States, where it will soon open its 11th factory.
German carmakers Volkswagen, BMW and Mercedes already manufacture SUVs in the United States.
Stellantis, which owns the Jeep, Ram, Dodge, and Chrysler brands in addition to a number of European marques, said it wants to boost its U.S. production even before Trump's latest announcements.
Ireland alone accounted for 30% of U.S. pharmaceutical imports in 2024. The country's favorable tax rates have attracted drug manufacturers, including U.S. firms.
Italy was the top importer of U.S. antibiotics, followed closely by China.
Nearly a quarter of Germany's pharmaceutical exports, in particular vaccines and immunology products, head to the United States.
Some products are in very high demand by Americans, particularly the weight-loss treatments Ozempic and Wegovy made by Danish drugmaker Novo Nordisk.
But the drugs market is not like others, noted analysts at Moody's.
"Patients' medical needs, lack of substitutes, insurance coverage and doctor preferences limit the effects of price changes on demand," it said in a recent note.
"Most branded pharmaceutical companies have diversified manufacturing, including U.S. facilities, and can absorb the tariff increases thanks to high-profit margins," it added.
U.S. consumers might see more price increases on generic drugs made abroad as manufacturers have tight margins and would likely pass on the cost of tariffs.
