President Donald Trump revealed Tuesday he plans to put tariffs on pharmaceutical products, which will start at a lower duty but rise to 150 percent and 250 percent 12 to 18 months from now.
The effort aims to bring pharmaceutical production into the United States, Trump said during an interview with CNBC’s Squawk Box.
After noting the United States has a $41 billion trade deficit with Switzerland, CNBC’s Becky Quick said, “pharmaceuticals are a big issue with Switzerland.”
“They make a fortune with pharmaceuticals, and they make our pharmaceuticals in China, and Ireland, and everything else,” Trump responded, before noting tariffs were coming in “the next week or so.”
“We’ll be putting a initially small tariff on pharmaceuticals, but in one year, one
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