President Trump has been talking about tariffs for years, but the specifics have always been a bit hazy. This week, he’s finally started to paint a clearer picture of what’s ahead – and it’s looking like a mix of targeted and broad measures.

During a recent address to House Republicans, Trump highlighted key industries that could face new tariffs, including pharmaceuticals, semiconductors, and steel. “We’re going to look at pharmaceuticals, chips, semiconductors, and steel,” he said, adding that businesses should consider building plants in the U.S. to avoid these costs.

The strategy seems to be starting with high-profile items and potentially expanding over time. It’s a tactic he’s used before, like when he briefly imposed tariffs on Colombia to press for policy changes. However, his new Treasury Secretary, Scott Bessent, has a different approach in mind. Bessent reportedly favors starting with lower tariff rates and gradually increasing them, rather than broadening the range of taxed products. Trump, however, has made it clear he wants something “much, much bigger.”

So, what does this mean for everyday Americans? Pharmaceuticals, for example, are one of the top imports to the U.S., with billions worth of drugs coming in from countries like Ireland and China. Tariffs here could contradict Trump’s promises to lower prescription drug prices. Semiconductors, used in everything from smartphones to cars, are another major import. Tariffs could drive up the cost of these essential electronics for consumers.

Steel is another area in focus. While Trump imposed tariffs on steel during his first term, the industry has struggled to rebound. U.S. Steel, once a global giant, is now a fraction of its former self. Tariffs could further impact prices, as importers often pass these costs on to buyers.

But here’s the thing: Trump’s tariff plans aren’t set in stone. He’s known for using tariffs as a negotiation tool, and it’s possible these threats are meant to pressure other countries into trade deals. In fact, he’s already backed off some of his more aggressive proposals in the past.

For now, the full impact of these tariffs remains uncertain. What’s clear is that tariffs will likely remain a key part of Trump’s economic strategy in the months and years to come. Whether they’ll achieve their intended goals or just drive up costs for consumers is still anyone’s guess.