Trump: tariff of 35% on EU if doesn't meet obligations

President Donald Trump said Tuesday that he plans to announce new tariffs on imports of semiconductors and pharmaceuticals “within the next week or so,” as he moves to expand his use of sector-specific trade duties.

“In the beginning, we’ll put a small tariff on pharmaceuticals,” Trump told CNBC. “But in one year — a year and a half at most — it’s going to rise to 150%. Then it’s going to hit 250%, because we want pharmaceuticals made in our country.”

Trump also issued a warning to the European Union, threatening higher tariffs if the bloc fails to deliver on a commitment to invest approximately $600 billion in the United States.

Globally, anticipation is mounting as nations prepare for Trump’s country-specific tariff rollouts. India pushed back after Trump threatened to “substantially raise” tariffs on Indian exports in response to its continued purchases of Russian oil. Indian officials criticized the threat as unjustified and accused the U.S. of applying a double standard on trade with Russia, vowing to defend the country’s economic interests.

Meanwhile, Trump has already signed an order to increase tariffs on Canadian goods to 35%, while imposing duties ranging from 10% to 40% on dozens of other trade partners. These new tariffs are scheduled to take full effect later this week.