U.S. President Donald Trump has announced plans to impose sharply increasing tariffs on imported pharmaceuticals, warning that the rate could climb as high as 250 percent. Speaking in a Tuesday interview with CNBC, Trump said the duties would start at a modest level but rise significantly over time.
“We’ll start with a small tariff on pharmaceuticals, but within a year to 18 months, it will increase to 150 percent,” he stated. “Eventually, it will go to 250 percent because we want pharmaceuticals produced in the United States.”
Trump also revealed intentions to introduce new tariffs on foreign-made semiconductors and hinted at a substantial hike in tariffs on Indian imports, citing India’s continued purchase of Russian oil.
Earlier in April, the Trump administration imposed a 10-percent general tariff on most trade partners, while reserving certain goods for targeted, sector-specific levies. These measures typically follow government investigations assessing national security risks linked to specific imports.
The administration has already launched probes into foreign pharmaceuticals and semiconductors and is expected to conclude them soon, potentially triggering new tariff measures.
Previously, Trump imposed 50-percent tariffs on imported steel and aluminum, along with separate, lower duties on vehicles and auto parts.
AFP
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