Pharma and chips tariffs coming next week: Trump

PRESIDENT DONALD TRUMP said that US tariffs on semiconductor and pharmaceutical imports would be announced "within the next week or so," as the administration prepares to target key economic sectors in its effort to remake global trade.

- BLOOMBERG

"We'll be putting a initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150% and then it's going to go to 250% because we want pharmaceuticals made in our country," Trump said Tuesday in an interview on CNBC.

"We're going to be announcing on semiconductors and chips, which is a separate category," the president continued.

The Commerce Department has been investigating the semiconductor market since April to set the stage for possible tariffs on an industry that's expected to generate nearly $700 billion in global sales.

Under Trump, the US has already imposed levies on imports of cars and auto parts, as well as steel and aluminum.