President Donald Trump on Tuesday said the United States is planning to announce a “major” tariff on pharmaceutical imports.
Speaking at an event at the National Republican Congressional Committee, America’s commander-in-chief said the tariff will incentivse drug companies to move their operations to the US.
While the US President shared no specific details or timeline of the traffis, he said that the government is going will do “something very big on drug imports. “A major tariff is coming. We want these companies to make their products here, in America, not in China or elsewhere,” he added.
Bonus Reading | Mexico reports first human death from H5N1 bird flu
Previously, the Trump administration had kept pharmaceuticals and semiconductors away from the ambit of its reciprocal tariff policy.
The Trump administration has introduced “reciprocal” tariffs as part of his economic strategy, aiming to protect American industries and reduce reliance on foreign imports. The US introduced a minimum 10 per cent tariff on all countries on imports to the US. Some countries will be hit with higher rates of up to 50%.
