WASHINGTON: US President Donald Trump revealed plans to impose tariffs on imported pharmaceuticals that could escalate to 250%, alongside new duties on foreign semiconductors.
The move aims to push for domestic manufacturing of critical goods.
“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 in an interview on CNBC. “And then it’s going to go to 250 percent because we want pharmaceuticals made in our country.”
The announcement follows earlier tariffs on steel, aluminum, and auto parts, part of Trump‘s broader trade strategy targeting imports deemed a national security concern.
The administration has conducted investigations into pharmaceuticals and semiconductors, signaling upcoming policy shifts.
Trump also indicated an imminent increase in tariffs on Indian imports, citing the country’s purchases of Russian oil. “I expect to raise the US tariff on Indian imports very substantially over the next 24 hours,“ he said.
The proposed pharmaceutical tariffs mark a significant escalation in trade measures, potentially disrupting global supply chains. Industry analysts warn of higher drug prices, while supporters argue it will strengthen US self-sufficiency. – AFPpix
