Catenaa, Tuesday, August 05, 2025- US President Donald Trump said on Tuesday that he would announce tariffs on semiconductor and pharmaceutical imports “within the next week or so,” as he plans to add more tariffs to the mix.
“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,” Trump said during a CNBC interview.
He did not specify the initial tariff rate on pharmaceuticals. Trump said last month that pharmaceutical tariffs could reach as high as 200%.
He said in February that sectoral tariffs on pharmaceuticals and semiconductor chips would start at “25% or higher,” rising substantially over the year.
Trump also threatened the European Union with increased tariffs if it failed to live up to a pledge to invest some $600 billion in the US.
Meanwhile, the world is awaiting Trump’s country-specific duties and jockeying ahead of their implementation.
India has called out Trump after he threatened to “substantially raise” tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. India said it would protect its interests and accused the US of a double standard on trade with Russia.
Trump has signed an order to hike tariffs on Canada to 35%, while setting rates from 10% to 40% on dozens of partners. Those duties are set to come into full effect this week.
