"Trump" is about to collect import taxes on drugs, semiconductors, along with a large round of retaliatory taxes on August 1, 68.

Trump to start levying import tariffs on drugs and semiconductors by end of month, initially at low rates before rising next year, with retaliatory tariffs set to start on Aug. 1

On July 16, 2568 at 06.23:XNUMX p.m., Bloomberg News reported that US President Donald Trump said on Tuesday he is likely to start imposing import tariffs on pharmaceuticals by the end of the month, with semiconductor tariffs likely to follow soon after. Both tariffs could come into effect alongside broader reciprocal tariffs scheduled to take effect on August 1, 2568.

Trump told reporters on his way back from an AI summit in Pittsburgh: “We will likely start import tariffs on drugs by the end of the month, starting at a low rate and giving pharmaceutical companies about a year to relocate their production back to the US, after which the tariffs will be significantly higher,”

Trump also added that the semiconductor (chip) tariff plan was also coming around the same time, saying that these tariffs would “Less complicated” Without giving further details

Trump previously said during a Cabinet meeting that he would impose a 50% tariff on copper imports within weeks, and that tariffs on drugs could reach 200% by next year if companies do not relocate production.

Trump has opened an investigation under Section 232 of the Trade Expansion Act of 1962 into drug imports, arguing that the large-scale importation of drugs from abroad poses a national security threat.

The import tariffs could have an immediate impact on drugmakers Eli Lilly & Co., Merck & Co. and Pfizer Inc., which have manufacturing operations overseas, and could push up U.S. drug prices. Similarly, tariffs on semiconductors could hit popular electronics products such as laptops and smartphones from Apple Inc. and Samsung Electronics Co.

The tariff threat comes amid a string of letters from Trump to several trading partners in recent days, unilaterally dictating tariffs on a range of goods and reiterating that the United States is open to negotiations.

Earlier Tuesday, Trump announced a deal with Indonesia that would reduce tariffs from the 32% listed in the letter to 19%. The deal includes a commitment from Indonesia to buy U.S. goods and services, including $15,000 billion in energy, $4,500 billion in agricultural products and 50 Boeing airplanes.

Trump also expressed his belief that he could strike two or three more trade deals before the retaliatory tariffs take effect on August 2, citing India as the most likely country to reach an agreement.

“I think India will come, and we have a few other countries, but … I have to say, overall, I’m very pleased with the letter that’s been sent,” Trump said, adding that smaller countries that don’t get special tariffs could see a 10% or so tax as standard.

refer : bloomberg.com