CHIP TARIFFS PLANNED NEXT
Trump also said on Tuesday he plans to announce tariffs on semiconductors and chips in the “next week or so,” but did not provide further details.
The United States has been conducting a national security review of the pharmaceutical sector, and the industry has been bracing for the possibility of sector-specific tariffs. The administration has not announced when the results of that investigation will be released.
DRUGMAKERS BOOST US INVESTMENTS
Several pharmaceutical companies have pledged multibillion-dollar investments in US manufacturing as Trump continues to threaten import duties. AstraZeneca recently committed US$50 billion to expanding its operations in the United States.
PhRMA, the main lobbying group for the pharmaceutical industry, did not immediately respond to a request for comment.
A framework agreement between the United States and the European Union currently sets tariffs on pharmaceuticals and semiconductors at zero. However, if the US raises tariffs following its import review, they will be capped at 15 per cent.
