Latest news with #TradeExpansionActof1962
Economic Times
3 days ago
- Business
- Economic Times
Trump to impose pharma tariffs by August 1, semiconductors likely next
At a Cabinet meeting earlier this month, Trump said he planned to impose a 50% tariff on copper in the coming weeks, and that he expected pharmaceutical tariffs to grow as high as 200% after giving companies a year to bring manufacturing back to the US. Trump has already announced investigations under Section 232 of the Trade Expansion Act of 1962 on drugs, arguing a flood of foreign imports was threatening national security. Tired of too many ads? Remove Ads WASHINGTON: President Donald Trump said that he was likely to impose tariffs on pharmaceuticals as soon as the end of the month and that levies on semiconductors could come soon as well, suggesting that those import taxes could hit alongside broad "reciprocal" rates set for implementation on Aug. 1."Probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff," Trump told reporters Tuesday as he returned to Washington after attending an artificial intelligence summit in also said his timeline for implementing tariffs on semiconductors was "similar" and that it was "less complicated" to impose levies on chips, without providing additional a Cabinet meeting earlier this month, Trump said he planned to impose a 50% tariff on copper in the coming weeks, and that he expected pharmaceutical tariffs to grow as high as 200% after giving companies a year to bring manufacturing back to the US. Trump has already announced investigations under Section 232 of the Trade Expansion Act of 1962 on drugs, arguing a flood of foreign imports was threatening national any tariffs could immediately impact drugmakers like Eli Lilly & Co., Merck & Co. and Pfizer Inc . that produce drugs overseas - and risks driving up costs for US consumers. So does Trump's plans for semiconductor tariffs, which are expected to hit not only the chips themselves but popular products like Apple Inc. and Samsung Electronic Co Ltd. laptops and smartphones.
Time of India
3 days ago
- Business
- Time of India
Trump to impose pharma tariffs by August 1, semiconductors likely next
WASHINGTON: President Donald Trump said that he was likely to impose tariffs on pharmaceuticals as soon as the end of the month and that levies on semiconductors could come soon as well, suggesting that those import taxes could hit alongside broad "reciprocal" rates set for implementation on Aug. 1. "Probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff," Trump told reporters Tuesday as he returned to Washington after attending an artificial intelligence summit in Pittsburgh. Explore courses from Top Institutes in Select a Course Category Digital Marketing Operations Management Leadership Data Science Others others Design Thinking Data Analytics Degree Management MCA Technology Public Policy Cybersecurity MBA CXO Artificial Intelligence Project Management Product Management Healthcare healthcare Data Science PGDM Finance Skills you'll gain: Digital Marketing Strategy Search Engine Optimization (SEO) & Content Marketing Social Media Marketing & Advertising Data Analytics & Measurement Duration: 24 Weeks Indian School of Business Professional Certificate Programme in Digital Marketing Starts on Jun 26, 2024 Get Details Skills you'll gain: Digital Marketing Strategies Customer Journey Mapping Paid Advertising Campaign Management Emerging Technologies in Digital Marketing Duration: 12 Weeks Indian School of Business Digital Marketing and Analytics Starts on May 14, 2024 Get Details Trump also said his timeline for implementing tariffs on semiconductors was "similar" and that it was "less complicated" to impose levies on chips, without providing additional detail. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like [70%할인] 갱년기 배우 최명길이 강력추천하는 '이것' 오늘 상담신청 시 1개월치 무료증정! 리피어라 더 알아보기 Undo At a Cabinet meeting earlier this month, Trump said he planned to impose a 50% tariff on copper in the coming weeks, and that he expected pharmaceutical tariffs to grow as high as 200% after giving companies a year to bring manufacturing back to the US. Trump has already announced investigations under Section 232 of the Trade Expansion Act of 1962 on drugs, arguing a flood of foreign imports was threatening national security. Still, any tariffs could immediately impact drugmakers like Eli Lilly & Co., Merck & Co. and Pfizer Inc . that produce drugs overseas - and risks driving up costs for US consumers. So does Trump's plans for semiconductor tariffs, which are expected to hit not only the chips themselves but popular products like Apple Inc. and Samsung Electronic Co Ltd. laptops and smartphones. Live Events
Irish Examiner
3 days ago
- Business
- Irish Examiner
Trump threatens to impose drug and chip tariffs as soon as 1 August
Donald Trump has threatened to impose tariffs on pharmaceutical products and semiconductors as soon as 1 August, the latest deadline for the introduction of his 'reciprocal' levies on individual countries. The US president told reporters late on Tuesday the taxes on drug imports could be announced 'probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff'. He added he had a similar timeline for imposing levies on semiconductors, as he believed it was 'less complicated' to implement tariffs on the chips required by all electronic devices, but did not provide further details. Earlier in the month, Trump told a meeting of his cabinet that he expected to raise tariffs on pharmaceuticals as high as 200%, once he had given drug companies a year to a year and a half to bring their manufacturing to the US. He also threatened a 50% tariff on imported copper in an effort to increase US production of the metal. The Trump administration began investigations in April into imports of pharmaceuticals and semiconductors into the US under section 232 of the Trade Expansion Act of 1962, as part of an attempt to impose tariffs on both sectors on national security grounds. Any levies imposed on pharmaceuticals are expected to hit drugmakers including Eli Lilly, Pfizer and Merck, which have overseas production sites, while such a move risks increasing prices for US consumers. Any tariffs on semiconductors are predicted to affect chipmakers and the companies such as Apple and Samsung whose smartphones and computers require chips. Trump's latest pledge to escalate the global trade war comes as the US's trading partners are waiting for a temporary pause on the 'reciprocal' tariffs announced on 2 April to expire on 1 August, after the deadline was extended from 9 July. It also coincided with the White House launching an investigation into Brazil's trading practices, which it called unfair. Investigators will look into Brazilian government policies 'related to digital trade and electronic payment services; unfair, preferential tariffs; anti-corruption interference; intellectual property protection; ethanol market access; and illegal deforestation', according to a statement from the trade representative, Jamieson Greer, and whether these restrict US trade. He cited 'Brazil's attacks on American social media companies as well as other unfair trading practices that harm American companies, workers, farmers, and technology innovators'. Trump last week announced 50% tariff on Brazil, despite the fact it has a trade deficit with the US, citing a 'witch-hunt' against the country's former president Jair Bolsonaro. Trump said on Tuesday he had struck a trade pact with Indonesia to reduce the tariff rate levied on the country's goods, after negotiations. The south-east Asian country made multibillion-dollar commitments to buy US energy, agricultural products and 50 Boeing jets, Trump said in a social media post. As a result, Indonesian goods entering the US would face a 19% tariff, significantly below the 32% level previously threatened. Bloomberg
The Age
4 days ago
- Business
- The Age
Trump flags drug tariffs as soon as end of the month
Washington: US President Donald Trump said he was likely to impose tariffs on pharmaceuticals as soon as the end of the month and that levies on semiconductors could come soon as well, suggesting that those import taxes could hit alongside broad 'reciprocal' rates set for implementation on August 1. 'Probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff,' Trump told reporters on Tuesday (Wednesday AEST) as he returned to Washington after attending an artificial intelligence summit in Pittsburgh. Trump also said his timeline for implementing tariffs on semiconductors was 'similar' and that it was 'less complicated' to impose levies on chips, without providing additional detail. At a cabinet meeting earlier this month, Trump said he planned to impose a 50 per cent tariff on copper in the coming weeks, and that he expected pharmaceutical tariffs to grow as high as 200 per cent after giving companies a year to bring manufacturing back to the US. Trump has already announced investigations under Section 232 of the Trade Expansion Act of 1962 on drugs, arguing a flood of foreign imports was threatening national security. Pharmaceutical products are the third-biggest category in Australia's exports to the United States, after beef and gold. The category was worth $2.2 billion last year and includes plasma exports from biotech giant CSL, a company that also has large US operations. Loading The threat came as Trump in recent days has sent letters to a number of trading partners unilaterally dictating the rates for tariffs on many imports, while maintaining he would continue to carry out negotiations. Earlier on Tuesday, Trump announced an agreement with Indonesia reducing the 32 per cent rate announced in one of the letters to 19 per cent. Indonesia agreed to purchase $US15 billion ($23 billion) in US energy, $US4.5 billion worth of agricultural products and 50 Boeing jets as part of the agreement, the US said. Trump on Tuesday predicted that he could strike 'two or three' trade deals with countries before implementing his so-called reciprocal tariffs before they were implemented on August 1, saying that an agreement with India was among the most likely. Trump told reporters the US was engaged in substantive discussions with between five and six countries, but that he wasn't necessarily inclined to finalise agreements over simply dictating a tariff rate.
Sydney Morning Herald
4 days ago
- Business
- Sydney Morning Herald
Trump flags drug tariffs as soon as end of the month
Washington: US President Donald Trump said he was likely to impose tariffs on pharmaceuticals as soon as the end of the month and that levies on semiconductors could come soon as well, suggesting that those import taxes could hit alongside broad 'reciprocal' rates set for implementation on August 1. 'Probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff,' Trump told reporters on Tuesday (Wednesday AEST) as he returned to Washington after attending an artificial intelligence summit in Pittsburgh. Trump also said his timeline for implementing tariffs on semiconductors was 'similar' and that it was 'less complicated' to impose levies on chips, without providing additional detail. At a cabinet meeting earlier this month, Trump said he planned to impose a 50 per cent tariff on copper in the coming weeks, and that he expected pharmaceutical tariffs to grow as high as 200 per cent after giving companies a year to bring manufacturing back to the US. Trump has already announced investigations under Section 232 of the Trade Expansion Act of 1962 on drugs, arguing a flood of foreign imports was threatening national security. Pharmaceutical products are the third-biggest category in Australia's exports to the United States, after beef and gold. The category was worth $2.2 billion last year and includes plasma exports from biotech giant CSL, a company that also has large US operations. Loading The threat came as Trump in recent days has sent letters to a number of trading partners unilaterally dictating the rates for tariffs on many imports, while maintaining he would continue to carry out negotiations. Earlier on Tuesday, Trump announced an agreement with Indonesia reducing the 32 per cent rate announced in one of the letters to 19 per cent. Indonesia agreed to purchase $US15 billion ($23 billion) in US energy, $US4.5 billion worth of agricultural products and 50 Boeing jets as part of the agreement, the US said. Trump on Tuesday predicted that he could strike 'two or three' trade deals with countries before implementing his so-called reciprocal tariffs before they were implemented on August 1, saying that an agreement with India was among the most likely. Trump told reporters the US was engaged in substantive discussions with between five and six countries, but that he wasn't necessarily inclined to finalise agreements over simply dictating a tariff rate.
