New Delhi, Aug 5
US President Donald Trump on Tuesday said that upcoming tariffs on imported pharmaceuticals could eventually rise as high as 250 per cent, as part of his push to bring drug manufacturing back to the United States.
Trump also revealed plans to impose tariffs on foreign semiconductors and chips “in the next week or so”, but gave no further details.
The announcement comes as the US President has been threatening major penalties on the pharmaceutical industry to push manufacturing back home.
He has also recently demanded that major drug suppliers cut costs significantly or face further action.
These fresh tariff threats follow Trump’s hardening trade stance against India. On Monday, he said he would substantially raise tariffs on New Delhi within 24 hours, revising the previously announced 25 per cent rate.
The Ministry of External Affairs said that India will take all necessary steps to safeguard its national interests and economic security.
Russia has also criticised Trump’s remarks, describing US pressure tactics as “illegitimate” and backing India’s right to choose its own trade partners.
Kremlin spokesperson Dmitri Peskov stressed that sovereign nations must decide for themselves with whom they engage in trade and economic cooperation.