U.S. President Donald Trump said that pharmaceutical imports could face tariffs of up to 200%, with details expected by the end of July following an ongoing national security review.
Speaking at a Cabinet meeting at The White House on Tuesday, Trump said drugmakers would have a year to shift supply chains before facing steep tariffs.
“If they have to bring the pharmaceuticals into the country … they’re going to be tariffed at a very, very high rate, like 200%,” he said.
Trump also indicated new levies on imported semiconductors and other goods were being prepared, without giving precise timelines. A new tariff rate on copper was also announced during the meeting.
Commerce Secretary Howard Lutnick later told CNBC that final decisions on pharmaceutical and semiconductor tariffs would come once ongoing studies conclude later this month. “The president will then set his policies,” he said.
The administration launched a formal investigation into pharmaceutical supply chains in April, arguing that foreign reliance on medicine production poses a national security threat. The Commerce Department is leading the review but has not yet released its findings.
The proposal, if enacted, would represent a significant shift in U.S. trade policy on health products and comes amid wider efforts to increase domestic manufacturing across strategic industries.
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Russia has confiscated 3.9 trillion roubles (about $50 billion) in company assets since 2022, signalling a decisive shift towards a 'fortress Russia' economic model, the Kommersant business daily reported on Wednesday.
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