"Pharmaceutical tariffs will be 200%...
We will give about a year"
President Donald Trump announced on July 8 (local time) that the United States would impose a 50% tariff on imported copper products. He also stated that tariffs on semiconductors and pharmaceuticals would be announced soon, adding that the tariff rate on pharmaceuticals would reach as high as 200%.
President Trump made these remarks during a Cabinet meeting at the White House, telling reporters, "We will announce tariffs on pharmaceuticals, semiconductors, and several other items."
He said that the announcement regarding tariffs on imported copper products would be made that day, stating, "We expect to impose a 50% tariff on copper."
He did not mention the specific tariff rate or the timing of the tariff imposition for semiconductors.
President Trump also explained regarding pharmaceutical tariffs, "We will give people about a year to a year and a half," adding, "After that, tariffs will be imposed. The tariff rate will be very high, around 200%."
Previously, the Trump administration launched a national security investigation into the impact of copper, semiconductors, electronics, pharmaceuticals, and lumber under Section 232 of the Trade Expansion Act, which is currently ongoing.
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