Trump says tariffs on pharmaceuticals could reach 250%

Donald Trump said Tuesday that tariffs on pharmaceutical imports could reach 250%. The goal, he explained, is for pharmaceuticals to move their operations to the United States. "We want pharmaceuticals made in our country," he said.

"Within the next week or so we are going to announce tariffs specifically on pharmaceuticals," the president announced on CNBC's Squawk Box program. The levies, he explained, will be progressive: at first he will impose "a small tariff," which "in one year, one and a half years maximum," will rise to 150%. And then to 250%.

The President's words come shortly after the Government sent a series of letters to 17 drug manufacturers urging them to reduce prices before the end of the month.

The Administration imposed two types of tariffs: the reciprocal ones on trading partners, which will take effect on August 7, and sectoral ones, such as levies on steel and aluminum. Tariffs on pharmaceuticals will be part of the latter group. This will also be joined by semiconductors and chips, which Trump promised to tax soon.