During an interview with CNBC on Tuesday, President Donald Trump said his administration is prepared to increase the tariffs it plans to impose on pharmaceuticals up to 250%, much higher than the 200% he indicated just a few weeks ago.
However, Trump said the levies will be smaller in magnitude initially, before they increase up to 250% eventually.
“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%, and then it’s going to go to 250%, because we want pharmaceuticals made in our country,” he explained.
Pharmaceuticals, which have historically been immune to levies due to public health impact, have become increasingly targeted as the Trump administration revises U.S. trade policy, with new tariffs against multiple countries set to take effect within days.
During a cabinet meeting at the White House in July, Trump said he is prepared to raise tariff levels on pharmaceutical goods to 200% within 12–18 months.
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