"Pharmaceuticals to Start with Low Tariffs, Set Very High After One Year"
"Some Countries Like South Korea Show Willingness to Open Trade... Not So for Japan and Others"
U.S. President Donald Trump announced plans to impose itemized tariffs on foreign pharmaceuticals as early as the end of this month.
On July 15 (local time), after attending an event in Pittsburgh and returning to Washington, President Trump was asked by reporters about the plan to impose tariffs on pharmaceuticals. He stated, "It will probably be at the end of this month."
President Trump said, "We will start with low tariffs and give pharmaceutical companies about a year to build production lines in the United States. After that, we will impose very high tariffs." He also mentioned that the schedule for imposing itemized tariffs on foreign semiconductors is "similar" to that of pharmaceuticals, adding that "it is less complicated."
In addition, President Trump stated that he would apply a uniform reciprocal tariff rate of just over 10% to 'small countries' in regions such as Africa and the Caribbean, and that tariff letters would soon be sent to the target countries.
President Trump went on to say that while some countries, including South Korea, have shown a willingness to open trade, "other countries such as Japan have not, despite my threats." Previously, on July 7, President Trump sent letters specifying reciprocal tariff rates to 14 countries, including South Korea and Japan, and has since sent them to a total of 25 countries, announcing plans to impose reciprocal tariffs starting August 1.
On this day as well, President Trump reaffirmed the reciprocal tariff schedule and introduced that, in addition to the United Kingdom, Vietnam, and Indonesia, with whom trade agreements have already been reached, he is conducting additional trade negotiations with five to six other countries.
President Trump also revealed that U.S. weapons destined for Ukraine have already begun to be shipped, and stated that the cost related to these weapons will be borne by other member countries of the North Atlantic Treaty Organization (NATO). He reaffirmed that there will be no deployment of U.S. troops to Ukraine.
Regarding nuclear negotiations with Iran, he stated that he is not in a hurry to talk with Iran because Iran's nuclear facilities have already been destroyed.
Meanwhile, President Trump commented on U.S. Treasury Secretary Scott Besant, who is being mentioned as a possible successor to Federal Reserve (Fed) Chair Jerome Powell, who has not accepted his demand for a rate cut. He said, "He is one of the options," but added, "I don't think it will be him, because I like him working as Treasury Secretary."
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