INTERNATIONAL
Trump says plans to proceed with pharmaceutical tariffs by end of July
US President Donald Trump speaks with the media upon his arrival from Pennsylvania, at Joint Base Andrews, Maryland, US, July 15, 2025. - REUTERS
WASHINGTON: United States President Donald Trump on Tuesday (July 15) revealed fresh details on planned duties on pharmaceutical imports, announcing that the U.S. would proceed with the tariffs by the end of July.
AI Brief
Trump said the duties would start off with “a low tariff” rate to give companies time to move manufacturing to the U.S. before imposing a "very high tariff" in a year or so.
“There’s two ways you do it--you make money, and or, you have them move here, so they don't have to pay the tariff. Those are the two ways, the pharmaceutical companies are moving back to America where they should be,” Trump told media during a brief doorstep at Joint Base Andrews.
The August 1 deadline gives targeted countries time to negotiate about lower tariff rates. Some economists have also noted Trump's pattern of backing off his tariff threats.
Since launching his tariff policy, Trump has clinched only a few "framework" agreements, falling short of earlier promises to land "90 deals in 90 days."
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AI Brief
- Trump proposes low starting tariffs that rise sharply after a year to push firms to relocate to the US.
- Pharmaceutical companies are among those urged to shift operations back to America.
- Trumps tariff push has so far yielded only a few framework deals despite bold early claims.
Trump said the duties would start off with “a low tariff” rate to give companies time to move manufacturing to the U.S. before imposing a "very high tariff" in a year or so.
“There’s two ways you do it--you make money, and or, you have them move here, so they don't have to pay the tariff. Those are the two ways, the pharmaceutical companies are moving back to America where they should be,” Trump told media during a brief doorstep at Joint Base Andrews.
The August 1 deadline gives targeted countries time to negotiate about lower tariff rates. Some economists have also noted Trump's pattern of backing off his tariff threats.
Since launching his tariff policy, Trump has clinched only a few "framework" agreements, falling short of earlier promises to land "90 deals in 90 days."