The Trump administration is initiating investigations into pharmaceutical and semiconductor imports to impose tariffs based on national security. These inquiries will adhere to the Trade Expansion Act of 1962 and have a public comment period of 21 days. Notably, while many sectors already face tariffs, pharmaceuticals and semiconductors are currently exempt. The administration aims to bolster domestic production to reduce reliance on foreign countries, particularly Taiwan. Some companies within these industries are lobbying for phased implementation of tariffs to mitigate potential shortages and access issues for patients.
The Trump administration is launching investigations into pharmaceutical and semiconductor imports for potential tariffs under national security, leveraging the Trade Expansion Act to bolster domestic manufacturing.
This week, the Trump administration indicated it will seek tariffs on imported semiconductors and pharmaceuticals, highlighting the dependency on foreign suppliers and the urgent need for domestic production.
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