Trump's Tariff Shake-Up: New Policies Target Pharmaceuticals and Semiconductors

President Donald Trump revealed intentions to introduce tariffs on imported pharmaceuticals and semiconductors, suggesting medicine tariffs might reach 200%. He has extended a period of approximately one year for drugmakers to make necessary adjustments. This announcement was made during a Cabinet meeting at the White House.

Trump emphasized the urgency of the matter, stating that if pharmaceuticals must be imported, they will face high tariffs. He hinted at further announcements concerning other sectors, although specific details were not disclosed at the time.

The proposed tariff measures stem from an investigation launched by the Trump administration in April, aiming to address national security threats posed by the heavy reliance on foreign pharmaceutical production. The Commerce Department is preparing a report that is expected to influence the final policies.

(With inputs from agencies.)