President Donald Trump threatened to levy tariffs of up to 250% on pharmaceuticals imported into the United States.
The president told CNBC on Aug. 5 that he plans to announce new tariffs "within the next week or so" on imports of pharmaceutical and semiconductor imports.
He said he plans to launch a smaller tariff on drug imports before increasing the duties over 12 to 18 months to a maximum amount.
Trump would start with an "initially small tariff on pharmaceuticals," he said. "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 said other nations "make a fortune" on pharmaceuticals, citing drugs imported from China and Ireland.
