President Trump said that he will give foreign pharmaceutical companies a year to a year and a half to bring development and production to the U.S. “And after that they’re going to be tariffed if they have to bring the pharmaceuticals into the country, the drugs and other things, into the country,” said Trump during a Cabinet meeting on Tuesday. “They’re going to be tariffed at a very, very high rate, like 200%.”
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Trump has already commenced an investigation into pharmaceutical imports under Section 232 of the Trade Expansion Act of 1962, arguing that they pose a threat to national security. He will have the authority to impose tariffs on imported pharmaceuticals if the investigation findings support his stance.
Trump Prepares Additional Tariffs on Specific Products
Trump also said that he would levy a 50% tariff on copper imports, resulting in a 17% intraday copper futures jump, the highest since at least 1988. Commerce Secretary Howard Lutnick added that the tariff would take effect by the end of July or on August 1.
Trump is eyeing semiconductor tariffs as well, although he didn’t specify a rate. He went on to explain that he had tariffs for other items in mind without revealing a timeline or further details.
For insight and sentiment analysis on Trump’s Truth Social posts, check out TipRanks’ Trump Dashboard.
