Trump announced his intention to impose tariffs on pharmaceuticals and semiconductors beginning 1 August, with a plan to escalate pharmaceutical tariffs as high as 200%. A low initial tariff will provide pharmaceutical companies time to adjust. The tariffs are based on investigations initiated under national security grounds. Affected drugmakers include Eli Lilly, Pfizer, and Merck. Tariffs on semiconductors may impact firms reliant on chips, such as Apple and Samsung. This move is part of ongoing trade tensions as the US extends a temporary pause on reciprocal tariffs.
Trump warned of imposing tariffs on pharmaceutical products and semiconductors starting 1 August, with potential pharmaceutical tariffs escalating to as high as 200% to encourage domestic manufacturing.
The president indicated a supportive timeline for the pharmaceutical companies, starting with low tariffs but aiming for significantly high tariffs after a year.
The investigations into imports were initiated under section 232 of the Trade Expansion Act, citing national security as the rationale for the impending tariffs.
Possible tariffs on semiconductors may adversely impact major companies reliant on chips, including tech giants like Apple and Samsung.
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