US President Donald Trump on Tuesday signaled steep tariff hikes on imported pharmaceuticals, warning rates could reach as high as 250% over the next 18 months. The move is aimed at shifting drug production back to the United States.
Speaking to CNBC, Trump said the tariffs would begin at a lower level, gradually increasing to 150% and eventually 250%. “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 stated.
The President also indicated plans to impose tariffs on foreign semiconductors and chips in the coming week, though details remain undisclosed.
The announcement adds to Trump’s growing pressure on the pharmaceutical industry, demanding major drug suppliers cut costs or face additional penalties.
The warning follows heightened trade tensions with India. A day earlier, Trump vowed to significantly raise tariffs on New Delhi, accusing India of reselling Russian oil for profit and allegedly funding Moscow’s war efforts. India has rejected the allegations as “unjustified and unreasonable,” asserting it will take necessary measures to protect its economic interests.
Russia also condemned Trump’s comments, with Kremlin spokesperson Dmitri Peskov calling US pressure “illegitimate” and affirming that sovereign nations have the right to choose their trade partners independently.
