Donald Trump Tariffs: New round to begin? US President says ‘major’ duty on pharma imports coming soon

United States President Donald Trump on April 8 announced that the country will soon announce a “major” tariff on pharmaceutical imports.

“We're gonna tariff our pharmaceuticals ... we're going to be announcing very shortly a major tariff on pharmaceuticals,” Donald Trump told the gathering. The pharma sector was previously spared from the sweeping tariffs announced last week, which come into effect today, April 9.

Speaking at the National Republican Congressional Committee (NRCC), Donald Trump said the tariff will incentivise drug companies to move their operations to the US, Reuters reported.

Recession Fears Mount as Trump Tariffs Go Into Effect Today

Notably, the tariffs imposed on 180 countries last week, come into effect today, on April 9. These include tariffs totalling 104 per cent on Chinese imports into the US.

As the day began, Asian shares sank again, after the crash on April 7 — dubbed as Black Monday.

Analysts told AP they expect more swings in the financial markets given the uncertainty over how long Donald Trump will pursue his tariff war. The tariffs are expected to raise prices for US shoppers and slow down the economy, they said, adding that if the levies last a long time, recession is imminent. They hold slim hope that Donald Trump would be able to negotiate lower tariffs “relatively quickly” and the worst-case scenario might be avoided.

Donald Trump: ‘Making Tailored Deals with Countries’

Speaking at the NRCC, Donald Trump said his government was making “tailored deals” with trading partners and would would prioritise allies, AFP reported.

“We're doing very well and making I call them tailored deals, not off the rack, these are tailored, highly tailored deals. Right now Japan is flying here to make a deal. South Korea is flying here to make a deal. And others are flying here,” he said. 

Testifying before the Senate on the tariffs policy, Donald Trump's US Trade Representative Jamieson Greer said that Argentina, Vietnam and Israel were among those who had offered to reduce their tariffs.

(With inputs from Agencies)