U.S. President Donald Trump has unveiled plans to introduce item-specific tariffs on imported pharmaceuticals and semiconductors, with the former expected to begin as early as the end of this month. The announcement was made during a press briefing following his visit to Pittsburgh, where he outlined a strategy to initially impose low tariffs on pharmaceuticals, giving companies a year to establish production lines domestically before raising the rates significantly.
Addressing queries on the semiconductor tariffs, President Trump indicated a timeline similar to that of pharmaceuticals, noting that the process is less complex. This move is part of a broader trade strategy that includes applying uniform reciprocal tariffs of just over 10% to smaller nations, particularly in Africa and the Caribbean. Letters notifying these countries of the impending tariffs are expected to be sent soon.
In a related effort, President Trump has been issuing reciprocal tariff notices to 25 economic entities, which include 24 countries and the European Union. The initiative began on July 7th with notifications sent to countries such as South Korea and Japan, and the tariffs are slated to take effect next month.
Further emphasizing his commitment to recalibrating trade relationships, Trump revealed ongoing trade negotiations with additional countries beyond those with whom the U.S. has already reached agreements, including the UK, Vietnam, and Indonesia.
In other remarks, President Trump confirmed the commencement of U.S. weapons shipments to Ukraine, with costs to be covered by NATO allies, and reiterated that there will be no deployment of U.S. troops to the region. On domestic matters, he addressed speculation regarding Treasury Secretary Scott Bessent as a potential successor to Federal Reserve Chairman Jerome Powell, affirming Bessent's capabilities but expressing satisfaction with his current role.
Lastly, President Trump stated that he is in no rush to engage in talks with Iran over nuclear negotiations, citing prior actions against Iranian nuclear facilities.
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