In a bold move that has sparked chatter among policy watchers and business insiders alike, U.S. President Donald Trump detailed a plan to impose tariffs on foreign-made pharmaceuticals that could eventually soar to 250%. According to Trump, the tariffs will kick off at a "small" rate, but in just one to one and a half years, they are expected to climb to 150% before reaching the ultimate target of 250%. 🎯
The objective behind this strategy is clear: to promote the production of pharmaceuticals in the United States. While no specific initial rate or exact timeline was provided, the plan signals a major shift in trade policy intended to boost domestic manufacturing.
Adding another layer to the evolving trade strategy, Trump also mentioned that new tariffs on semiconductors and chips are on the horizon, with an announcement expected sometime next week. However, details on these measures remain sparse.
White House spokesperson Kush Desai emphasized that nothing is set in stone until an official announcement is made. This cautious note highlights the fluidity of the current policy discussions.
For young businesspeople and global market watchers, these potential tariff hikes are a reminder of how quickly trade policies can change—and why staying informed matters. Keep an eye on this space for more updates as the situation unfolds! 🚀
Reference(s):
Trump eyes 250 percent tariffs on medicine, but will start 'small'
cgtn.com
