U.S. to initially impose ‘small tariff' on pharma imports, Trump says
WASHINGTON — U.S. President Donald Trump said on Tuesday that the United States would initially place a 'small tariff' on pharmaceutical imports before hiking it to 150 per cent within 18 months and eventually to 250 per cent in an effort to boost domestic production.
'In one year, one and a half years maximum, it's going to go to 150 per cent and then it's going to go to 250 per cent because we want pharmaceuticals made in our country,' Trump told CNBC in an interview.
He did not specify the initial tariff rate on pharmaceuticals. Trump said last month that pharmaceutical tariffs could reach as high as 200 per cent. He said in February that sectoral tariffs on pharmaceuticals and semiconductor chips would start at '25 per cent or higher,' rising substantially over the course of a year.
Trump said on Tuesday that he plans to announce tariffs on semiconductors and chips in the 'next week or so,' but gave no further details.
The United States has been conducting a national security review of the pharmaceutical sector, and the industry has been preparing for possible sector-specific tariffs. The administration has not announced when the results of that probe will be released.
Several drugmakers have pledged multibillion-dollar investments in U.S. manufacturing as Trump threatens import tariffs, with AstraZeneca recently committing US$50 billion to expand its American operations.
PhRMA, the main lobbying group for the industry, did not immediately respond to a request for comment.
A framework agreement between the United States and the EU sets out that tariffs on pharmaceuticals and semiconductors are currently zero, but if the United States raises tariffs following its import investigation, they will be capped at 15 per cent.
---
Reporting by Patrick Wingrove in New York, Andrea Shalal in Washington and Bhargav Acharya in Toronto; Editing by Doina Chiacu and Mark Porter
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Toronto Sun
27 minutes ago
- Toronto Sun
Trump creates task force to prepare for 2028 Olympic Games in Los Angeles
Published Aug 05, 2025 • 2 minute read President Donald Trump answers questions from reporters after signing an executive order about the 2028 Los Angeles Olympic Games, in the South Court Auditorium of the Eisenhower Executive Office Building on the White House campus, Tuesday, Aug. 5, 2025, in Washington. Photo by Julia Demaree Nikhinson / THE ASSOCIATED PRESS WASHINGTON — President Donald Trump on Tuesday established a task force on the 2028 Olympic Games being held in Los Angeles that he said would ensure the event is 'safe, seamless and historically successful.' This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The 2028 Games will be the first Olympics to be hosted by the U.S. since the 2002 Winter Games in Salt Lake City, Utah. Setting up the task force reflects the intense planning that comes with hosting the Olympics, as well as Trump's desire to be involved in an event he considers one of the highlights of his term. 'The L.A. Olympics is shaping up to be a wonderful moment for America. It's going to be incredible. It's so exciting,' Trump said as he signed an executive order at the White House establishing the task force. The executive order calls for the task force to coordinate security and planning for the Games, streamline visa processing and credentialing for the athletes, coaches, media and other visitors coming to the U.S. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Trump said that 'we'll do anything necessary to keep the Olympics safe,' adding that could potentially include deploying 'our National Guard or military.' Earlier this year, Trump sent National Guard troops to Los Angeles to respond to immigration protests. Trump will serve as chair of the task force, with Vice President JD Vance as vice chair. Other members include a number of Cabinet secretaries and administration officials, like Attorney General Pam Bondi, Homeland Security Secretary Kristi Noem and White House chief of staff Susie Wiles, who appeared alongside Trump on Tuesday. Also present were Olympic champion gymnast Nastia Liukin and Brad Snyder, a swimmer who competed at the 2012 Paralympic Games. This advertisement has not loaded yet, but your article continues below. Trump praised Gene Sykes, chair of the U.S. Olympic and Paralympic Committee board of directors, for the USOPC's move to effectively bar transgender women from competing in women's sports. 'The United States will not let men steal trophies from women at the 2028 Olympics,' Trump said. He questioned why he didn't hear applause from the room when he praised Sykes for it, and then received some claps from some people in the room. Trump 'considers it a great honor to oversee this global sporting spectacle,' White House press secretary Karoline Leavitt said in a statement, calling sports one of the president's 'greatest passions.' During the signing event, LA28 president and chair Casey Wasserman presented Trump with a set of gold, silver and bronze medals from the 1984 Olympic Games, which were held in Los Angeles. This advertisement has not loaded yet, but your article continues below. 'Can I say I won them athletically?' Trump asked, as he displayed the medals to an audience of reporters. Wasserman said the task force 'marks an important step forward in our planning efforts and reflects our shared commitment to delivering not just the biggest, but the greatest Games the world has ever seen in the summer of 2028.' Along with the 2028 Summer Games, Trump has said that the 2026 FIFA World Cup being hosted by the U.S., Canada and Mexico is among the events he's most looking forward to in his second term. In preparation for next year's competition, the governments of all three countries on Tuesday said they had held the first meeting of a trilateral coordinating council of government officials, industry leaders and security professionals discussing a variety of issues including preparedness for any security threats ahead of the World Cup. RECOMMENDED VIDEO Columnists World Canada Toronto Maple Leafs Toronto & GTA
CTV News
27 minutes ago
- CTV News
SAAQclic hearings constructing ‘narrative' that doesn't reflect ‘reality': former IT boss
The former IT boss of the Société de l'assurance automobile du Québec (SAAQ) believes that the hearings of the commission of inquiry into the SAAQclic fiasco are constructing 'a narrative' that does not reflect 'the reality of the SAAQ story.' Karl Malenfant posted a message on LinkedIn on Tuesday, the same day he was scheduled to meet behind closed doors with the Gallant commission. Malenfant explained what prompted him to request participant status last June. He wanted to 'help correct the narrative' he had heard throughout the public hearings. 'I noticed that a narrative was being constructed that did not correspond to the reality of the SAAQ's history. Dozens of people who were at the heart of this case share my opinion,' he wrote in a long message contained in a five-page document shared on social media. He was denied participant status in early July by Judge Denis Gallant, who is chairing the commission. This status would have allowed the former SAAQ vice-president of information technology to defend himself, including by cross-examining witnesses. Malenfant, whose name has come up repeatedly since the hearings began, also spoke about his summons to appear in camera. A week earlier, he had attempted to have the meeting cancelled, arguing that the public would not be able to hear his entire testimony. His request was also denied by Gallant last Friday. 'Following these two refusals, I have no idea why I am being asked to appear in camera. I also have no assurance that the commission wants to hear the whole story supported by documentary evidence,' said Malenfant. He went on to list a series of issues that he wants to try to convince the commissioner are 'crucial to ensuring that everyone has a complete understanding of the case." These issues 'must be discussed publicly, so that every stone in the file can be turned over,' he added. In his Aug. 1 decision on the closed-door meeting, Commissioner Gallant said Malenfant will testify at public hearings, 'likely in mid-September.' The commissioner indicated that Tuesday's meeting is part of the preliminary phase of the commission's work. It aims 'to determine the topics that will be covered ... and to select the relevant documentary evidence that will be presented' to Malenfant during his public testimony. It should be noted that the SAAQ's failed digital transition is expected to cost taxpayers at least $1.1 billion by 2027, which is $500 million more than originally estimated, according to calculations by the Auditor General of Quebec. The Gallant Commission will resume its work on Aug. 18. This report by The Canadian Press was first published in French on Aug. 5, 2025. By Frédéric Lacroix-Couture, The Canadian Press
Globe and Mail
27 minutes ago
- Globe and Mail
NYSE: BRBR Investigation Alert: Kessler Topaz Meltzer & Check, LLP Encourages BellRing Brands, Inc. (NYSE: BRBR) Investors with Significant Losses to Contact the Firm
The law firm of Kessler Topaz Meltzer & Check, LLP ( is currently investigating potential violations of the federal securities laws on behalf of investors of BellRing Brands, Inc. ( NYSE: BRBR) ('BellRing Brands'). On May 6, 2025, during its second quarter 2025 earnings call, BellRing Brands revealed that certain customers were now choosing to "optimize" their inventories by lowering "their weeks of supply on hand." As a result, BellRing Brands disclosed that this would slow sales growth in the third quarter to "low-single-digits." On this news, the price of BellRing Brands' stock fell by nearly 19%, from a close of $78.43 on May 5, 2025, to close at $63.55 on May 6, 2025. On August 4, 2025, BellRing Brands reported its third fiscal quarter 2025 financial results. Specifically, BellRing Brands narrowed its fiscal year 2025 outlook for net sales to range between $2.28-$2.32 billion and Adjusted EBITDA to range between $480-$490 million (resulting in net sales and Adjusted EBITDA growth of 14%-16% and 9%-11%, respectively, over fiscal year 2024). On this news, the price of BellRing Brands' stock fell by more than 32%. Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, LLP, please visit May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.
