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Investing.com -- President Donald Trump announced Tuesday that the United States will implement a "small tariff" on pharmaceutical imports, with plans to significantly increase the rate over time.
In an interview with CNBC, Trump stated that the initial tariff would later rise substantially. "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," he said.
The president did not specify what the initial tariff rate would be.
Trump also revealed plans to announce tariffs on semiconductors and chips in the "next week or so," though he did not provide further details about these upcoming measures.
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