Washington: U.S. President Donald Trump announced on Tuesday that his administration may begin imposing tariffs on pharmaceutical imports by the end of the month. He also indicated that the timeline for implementing duties on semiconductors would be similar to that of pharmaceuticals.
According to Yonhap News Agency, Trump suggested that the tariffs on pharmaceuticals would be phased in to allow companies time to establish production facilities within the United States. During a press availability after returning from an event in Pittsburgh, Trump stated, "Probably at the end of the month and we are going to start off with a low tariff and give pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff."
While Trump mentioned that the implementation schedule for semiconductor tariffs would follow a similar timeline, he did not provide further details. Last week, Commerce Secretary Howard Lutnick noted that the administration would complete its national security investigations into semiconductor and pharmaceutical imports by the end of the month. This completion signals the possibility of imminent tariff announcements.
Lutnick referenced the investigations initiated in April under Section 232 of the Trade Expansion Act of 1962, which grants the president authority to adjust imports when they are determined to threaten national security.