The U.S. will impose tariffs on computer chips, pharmaceuticals, steel, aluminum, copper, oil and gas imports as soon as mid-February, President Trump said.

If he follows through, it could raise prices on many day-to-day items as economists are almost unanimous that tariffs are passed on as consumer price increases.

U.S. President Donald Trump plans to impose tariffs on imported computer chips, pharmaceuticals and steel, he said on Monday, to push companies to manufacture more in the United States.