President Donald Trump speaks to reporters ahead of boarding Marine One to depart for New Jersey, at the White House in Washington, D.C., U.S., August 1, 2025. (Reuters/Jonathan Ernst)
Share
Getting your Trinity Audio player ready...
|
WASHINGTON — President Donald Trump said on Tuesday that the United States would initially place a “small tariff” on pharmaceutical imports before hiking it to 150% within 18 months and eventually to 250% in an effort to boost domestic production.
“In one year, one and a half years maximum, it’s going to go to 150% and then it’s going to go to 250% because we want pharmaceuticals made in our country,” Trump told CNBC in an interview.
He did not specify the initial tariff rate on pharmaceuticals. Trump said earlier this month that pharmaceutical tariffs could reach as high as 200%.
Trump also said he plans to announce tariffs on semiconductors and chips in the “next week or so,” but gave no further details.
The United States has been conducting a national security review of the pharmaceutical sector, and the industry has been preparing for possible sector-specific tariffs. The administration has not announced when the results of that probe will be released.
A framework agreement between the United States and the EU sets out that tariffs on pharmaceuticals and semiconductors are currently zero, but if the United States raises tariffs following its import investigation, they will be capped at 15%.
—
(Reporting by Patrick Wingrove in New York, Andrea Shalal in Washington and Bhargav Acharya in Toronto; Editing by Doina Chiacu and Mark Porter)
RELATED TOPICS:
Why Building More Homes Near Transit Will Transform Lives Across California
1 hour ago
Wall Street Pares Gains After Fresh Economic Data; Earnings in Spotlight
2 hours ago
Palantir Shares Jump as Soaring AI Demand Powers Forecast Upgrade
2 hours ago
Cruz Criticizes Hochul for Wearing Headscarf at Slain Officer’s Funeral
2 hours ago
Trump Says Banks Discriminate Against His Supporters While White House Prepares Order
2 hours ago
House Democrats Renew Effort Calling for Palestinian Statehood
16 hours ago
US DOJ to Open Grand Jury Probe Into Obama Officials, Source Says
16 hours ago

Visalia CHP Arrest 5 in Weekend DUI Checkpoint Operation

Big Tell Film Contest Provides 10 Winners with $5K Grants for Short Documentaries

Why Building More Homes Near Transit Will Transform Lives Across California

Wall Street Pares Gains After Fresh Economic Data; Earnings in Spotlight

Palantir Shares Jump as Soaring AI Demand Powers Forecast Upgrade
