US to initially impose 'small tariff' on pharma imports, says Donald Trump

Trump said he would also announce tariffs on semiconductors and chips in the "next week or so" without elaborating.

President Donald Trump said on Tuesday the U.S. would be initially putting a "small tariff" on pharmaceutical imports before increasing the rate in a year or so.

US President Donald Trump, however, did not say what the initial tariff rate on pharmaceuticals would be. (Bloomberg)

"In one year, one and a half years maximum, it's going to go to 150% and then it's going to go to 250% because we want pharmaceuticals made in our country," Trump told CNBC in an interview.

He did not say what the initial tariff rate on pharmaceuticals would be.

Trump said he would also announce tariffs on semiconductors and chips in the "next week or so" without elaborating.