Trump May Delay 'Pharmaceutical Tariff Bomb' Announcement Ahead of US-Russia Summit
Trump and Putin to Meet in Alaska on the 15th
Speculation Grows: No Tariff Announcement Expected This Week
The announcement by the Donald Trump administration regarding plans to impose tariffs of up to 250% on pharmaceuticals is expected to be delayed.
On August 13 (local time), Reuters reported, citing Trump administration and industry sources, that the announcement of tariffs on pharmaceuticals is likely to be postponed by several weeks. Previously, Secretary of Commerce Howard Lutnick had stated that the tariff plan would be announced by mid-August.
However, officials explained that other pending issues have been pushed back as President Trump is scheduled to hold a summit with Russian President Vladimir Putin in Alaska on August 15.
As a result, European pharmaceutical companies believe that there will be no announcements related to tariffs at least this week.
Meanwhile, the White House maintained its official position, stating, "Reports of a delay in the announcement are merely speculation unless officially confirmed."
Previously, in a media interview, President Trump said, "At first, we will impose a small tariff on pharmaceuticals, but after a year or up to a year and a half, we will raise it to 150%, and later to 250%." This is interpreted as giving pharmaceutical companies time to relocate their production facilities to the United States, after which the tariffs will be increased.
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Currently, the Trump administration is conducting investigations into industries such as semiconductors and pharmaceuticals under Section 232 of the Trade Expansion Act, which allows the president to impose tariffs if the import of certain goods is deemed a threat to national security. As previously mentioned, depending on diplomatic schedules, the results of the investigation into the semiconductor industry are expected to be announced before those for pharmaceuticals.
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