Trump eyes 250 percent tariffs on medicine, but will start 'small'

U.S. President Donald Trump on Tuesday disclosed new details about his plan to impose wide-ranging tariffs on foreign-made pharmaceuticals, which could eventually reach up to 250 percent—the highest rate he has threatened so far. In an interview with CNBC, Trump said the tariffs would start at a "small" rate but could increase significantly over time.

 "We will be putting an initially small tariff on pharmaceuticals, but in one year, one and a half years maximum, it is going to go to 150 percent and then it is going to go to 250 percent because we want pharmaceuticals made in our country," Trump stated.

 He did not specify the initial tariff rate or provide a timeline for its implementation.

 After the interview, White House spokesperson Kush Desai cautioned that "nothing should be deemed final" until the president makes an official announcement. Trump also revealed that a new set of tariffs on semiconductors and chips is expected to be announced "sometime next week," but he did not provide further details.