Daijiworld Media Network - Washington

Washington, Aug 5: US President Donald Trump has announced plans to impose steep tariffs on imported pharmaceuticals, warning they could soar up to 250% over the next 18 months in a bid to push drug manufacturing back to American soil.

In an interview with CNBC, Trump confirmed that the tariffs would begin at a lower, unspecified rate but escalate sharply over time.

“We’ll start with a small tariff, but in one to one-and-a-half years, it’ll rise to 150%, then 250%, because we want pharmaceuticals made in our country,” Trump said.

The President also hinted at fresh tariffs on foreign semiconductors and chips, expected to be announced “within a week,” though he didn’t offer specifics.

These moves come amid Trump’s escalating pressure on the pharmaceutical industry to slash costs and repatriate production, as part of his broader "America First" economic agenda.

Meanwhile, Trump has sharpened his trade offensive against India, declaring plans to substantially increase tariffs on the country within 24 hours, revising an earlier 25% rate.

He accused India of profiting from cheap Russian oil by reselling it, indirectly funding Russia’s war in Ukraine—a charge New Delhi has firmly rejected.

India's Ministry of External Affairs called the allegations "unreasonable and unjustified", vowing to defend national interests and economic sovereignty.

Moscow also defended India’s stance, with Kremlin spokesperson Dmitri Peskov slamming U.S. pressure as "illegitimate."

“Sovereign nations have the right to decide with whom they trade and cooperate,” Peskov said.

Trump’s tariff threats mark a significant escalation in his protectionist trade policies, with global economic and diplomatic implications likely to follow.