Trump Says Pharma Tariffs to Begin 'Probably at End of Month'
President Donald Trump, after returning from a political event in Pennsylvania the evening of July 15, told reporters that Section 232 tariffs on pharmaceuticals will start "probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff, because we gotta move them here."
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When asked if the semiconductor tariffs would also start on the same timeline, Trump said, "similar." He said tariffing chips is "less complicated."
Trump also was asked how many more deals might be announced before Aug. 1, and whether documents on the details of the Vietnamese trade deal would be released.
"We're working on probably five or six," he said. "Of the five or six, I'm not sure I really want to do them. We'll probably have two or three. We insist on opening up the country."
He said he thought there would be a trade deal similar to the one with Indonesia with India, but added, "For the most part, I'm very happy with the [tariff rates in the] letters. The letters are a deal."
He predicted that Japan might get the 25% tariffs in the letter, because he doesn't think Japan is willing to open up its country to U.S. products.
"South Korea's inclined to maybe do that," he said.
He suggested it wasn't important to publish documents on the Vietnam deal. "We have a Vietnam deal and I would say that deal is being very well set," he said, but then added, "The Vietnam deal, we may open it. I mean, I don't know, I can't tell you. Is it necessary?" Lutnick said, "No," and Trump agreed.
Vietnam had expected to get an 11% tariff in exchange for concessions, and did not agree to the 20% tariff Trump announced, reports have said.