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WASHINGTON ― President Donald Trump said Monday he plans to impose sweeping tariffs on steel, aluminum and copper imported to the U.S. as well as goods such as computer chips, semiconductors and pharmaceuticals in a push to increase U.S. production of the products.

Trump announced the moves during remarks at a congressional Republican treat at the Trump National Doral hotel and golf club in Miami.

"It's time for the United States to return to the system that made us richer and more powerful than ever before," Trump said, comparing his approach to stiff tariffs pushed more than a century ago by former President William McKinley in the last 1890s.

More:Trump holds off on imposing tariffs on Colombia after deal reached on deportation flights

Economists warn tariffs, which are taxes on foreign imports, can lead to higher prices for consumers. Trump campaigned on promising to bring down inflation. But one week into his second term, Trump has shown he plans to use tariffs ‒ a hallmark of his first term ‒ as a tool to achieve both his foreign policy aims and domestic agenda.

Trump said he will place tariffs on steel, copper and aluminum imports "and things that we need for our military."

"We have to bring production back to our country," Trump said. "You know, there was a time when we made one ship a day. And now we can't build a ship. We don't know what the hell we're doing. It's all gone to other locations and other lands."

Trump later said he hasn't settled on a figure for the tariffs on steel and other metals. "It'll be enough to protect our country," Trump told reporters on Air Force One Monday night.

Trump also signaled he still plans to pursue a baseline universal tariff for all imports ‒ something he talked about during the 2024 presidential campaign. Trump's treasury secretary, Scott Bessant, is pushing a universal 2.5% universal tariff, the Financial Times reported, that could eventually reach the 20% tariffs Trump pledged on the campaign trail.