President Donald Trump announced that new tariffs on pharmaceuticals could begin as soon as the end of this month. He said the initial tariffs would be low, giving pharmaceutical companies about a year to shift production back to the United States. After that period, the tariffs could rise sharply, potentially reaching up to 200%. President Trump emphasized that heavy reliance on foreign drug imports threatens national security and confirmed that an investigation is underway under Section 232 of the Trade Expansion Act of 1962.
In addition to pharmaceuticals, President Trump said tariffs on imported semiconductors could also be introduced soon. He stated that imposing levies on chips would be “less complicated” and that the timeline would likely mirror that of the pharmaceutical tariffs. However, he did not provide specific details about the rate or the countries targeted.
The President also reaffirmed his earlier plans to impose a 50% tariff on copper imports in the coming weeks. This move, like the others, is intended to reduce dependence on foreign suppliers and boost domestic manufacturing.
These new tariffs are expected to align with a broader set of “reciprocal” rates scheduled to take effect on August 1. President Trump said these measures are designed to counter countries that impose high duties on American goods, reinforcing his administration’s push to protect U.S. industries and achieve fairer trade deals.
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