U.S. President Donald Trump on Tuesday doubled down on his global tariff campaign, warning China, the pharmaceutical industry, and foreign manufacturers of steep levies unless they strike new trade deals with the United States.
Speaking at a Republican fundraiser in Washington, Trump accused China of manipulating its currency to soften the blow of the 104% tariffs his administration has imposed on Chinese imports. He called the move "a trick in the book" and said it would backfire as China remains energy-dependent. "They have to buy oil. We don’t,” Trump said. “That’s where it hurts them.”
The president also signalled new tariffs are coming for another major sector: pharmaceuticals.
“We’re going to tariff our pharmaceuticals,” Trump declared. “Once we do that, they’ll come rushing back. We are the big market.”
He highlighted Taiwan Semiconductor Manufacturing Company (TSMC) as an example of economic leverage, claiming the firm agreed to invest $200 billion in Arizona without receiving U.S. subsidies. “All I said was, if you don’t build here, you’ll pay up to 100% tax,” Trump said. “No handouts.”
The remarks also included political overtones. Trump claimed all 50 U.S. states have shifted Republican and predicted a strong showing in the 2026 midterms. “They’re terrified our strategy will succeed,” he said, framing opposition to his policies as “treason.”
The comments come amid worsening market jitters over Trump’s sweeping tariffs, which have impacted global trade and driven Wall Street losses. Despite the backlash, the president maintains his stance: “We’re making $2 billion a day. They used to call that peanuts. Not anymore.”
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China’s export restrictions on rare earths have bolstered its geopolitical hand but triggered steep losses and production cuts for its magnet manufacturers, already hit by weak domestic demand and shrinking overseas sales.
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