By Jemimah Wellington, JKNewsMedia Correspondent
United States (US) President Donald Trump has signalled plans to impose sharply higher tariffs on imported pharmaceuticals, warning that rates could climb to as much as 250 percent within 18 months.
In an interview with CNBC on Tuesday, Trump said the duties would start at a lower rate before accelerating. “We’ll be putting (an) initially small tariff on pharmaceuticals, but in one year, one-and-a-half years, maximum, it’s going to go to 150 percent,” he stated.
“And then it’s going to go to 250 percent because we want pharmaceuticals made in our country.”
The President also disclosed that he expects to significantly raise US tariffs on imports from India “over the next 24 hours” in response to the country’s purchases of Russian oil. While he did not specify the exact rate, Trump described the move as “very substantial.”
The proposed pharmaceutical tariffs come as part of a series of sector-specific trade measures targeting industries deemed critical to US national security. These actions follow separate government investigations into imports of semiconductors and pharmaceuticals, which the administration has signalled are nearing conclusion.
Since April, the US has imposed a 10-percent levy on most trading partners, excluding certain products slated for targeted tariffs. Trump has already rolled out 50 percent duties on imported steel and aluminium, along with a lower separate tariff on cars and automotive parts.
The White House has not yet released a formal timeline for the new measures, but trade officials have indicated that the pharmaceutical and semiconductor tariffs could be announced once the respective security reviews are finalised.
