Trump Announces Tariff on Pharmaceutical Imports
(MENAFN) On Tuesday, U.S. Leader Donald Trump declared that he would soon introduce a “major” tariff on pharmaceutical imports.
He emphasized that this move would encourage drug manufacturing to return to the United States.
Trump explained during a National Republican Congressional Committee dinner, “We are going to be announcing very shortly a major tariff on pharmaceuticals.”
He further stated, “Once we do that, they're going to come rushing back into our country because we're the big market. The advantage we have over everybody is that we’re the big market.”
According to Trump, pharmaceutical companies would be drawn back to the U.S. because of its status as the largest consumer market.
The leader also predicted that drug companies would leave China and other countries once they learned about the new tariffs, since most of their products are sold in the U.S. “When they hear that, they will leave China, they will leave other places, because they have to sell — most of their product is sold here,” he added.
Trump took the opportunity to criticize past administrations for allowing China to take advantage of the U.S. through what he called unfair trade practices, promising that under his administration, such practices would cease.
He additionally accused China of imposing “unjustified” tariffs and remarked that many nations had benefited from tariffs over the years.
He expressed frustration with the criticism of his tariff policies, stating, “They all got rich because of tariffs. You know, now, when we do it all, it's so terrible. ‘What Trump is doing, it's so terrible.’ They got rich, and not only China. Many countries. I mean, you look at Vietnam, you look at so many — I could name 50 right now.”
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