U.S. President Donald Trump has announced plans to impose steep tariffs on imported pharmaceuticals, with rates potentially reaching as high as 250 percent. The move, he said, is aimed at boosting domestic drug manufacturing.
“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 during an interview with CNBC on Tuesday. “And then it’s going to go to 250 percent because we want pharmaceuticals made in our country,” he added.
Trump also revealed plans to introduce new tariffs targeting foreign-made semiconductors, signaling a broader push to curb dependency on overseas technology and medical supplies.
In the same interview, Trump disclosed his intention to “very substantially” increase tariffs on Indian imports within the next 24 hours, citing the country’s ongoing purchases of Russian oil.
Since April, the Trump administration has imposed a 10 percent tariff on nearly all trading partners, while carving out specific exemptions for certain products pending further review. Sector-specific tariffs, such as those on steel, aluminum, and automobiles, have followed investigations into national security concerns.
The proposed duties on pharmaceuticals and semiconductors come as the administration concludes separate probes into both industries. These investigations could soon pave the way for additional levies targeting critical supply chain vulnerabilities.
Trump has already imposed a 50 percent tariff on steel and aluminum imports and introduced separate, albeit lower, tariffs on automobiles and auto parts.
AFP
