U.S. President Donald Trump said Tuesday that tariffs on imported pharmaceuticals could eventually rise as high as 250%, as part of his administration’s push to boost domestic manufacturing. He also revealed plans to impose new tariffs on foreign semiconductors.
In an interview with CNBC, Trump said the pharmaceutical tariffs would begin at a lower rate but increase significantly over time.
“We’ll be putting an initially small tariff on pharmaceuticals, but in one year, one-and-a-half years maximum, it’s going to go to 150 percent,” Trump said.
“And then it’s going to go to 250 percent because we want pharmaceuticals made in our country,” he added.
Trump also said he expects to substantially raise tariffs on Indian imports within 24 hours, citing India’s continued purchases of Russian oil.
The U.S. has been imposing a series of sector-specific tariffs after a sweeping 10-percent tariff on nearly all trading partners introduced in April. Products with strategic or national security importance, such as semiconductors and pharmaceuticals, have largely been handled separately following federal investigations.
The Trump administration has been conducting reviews into both industries and is expected to finalize those probes soon—paving the way for new tariffs to be enacted.
To date, the Trump White House has imposed steep tariffs, including 50% duties on imported steel and aluminum, as well as lower tariffs on automobiles and auto parts.
AFP
