President Donald Trump intends to announce tariffs on imported semiconductors and pharmaceuticals, suggesting the pharmaceutical tariffs could potentially reach 200%.
The big picture: Drug manufacturers will be given about a year to adapt to the new tariff rates before implementation.
- The Commerce Secretary indicated that details on pharmaceutical tariffs will be revealed at the end of the month, following the completion of ongoing studies by the Commerce Department.
- The Trump administration initiated an investigation into the pharmaceutical industry in April, citing national security concerns over heavy reliance on foreign medicine production.
