Former President Donald Trump announced a sweeping set of tariff measures during a Tuesday interview on CNBC’s Squawk Box, targeting India, the European Union, pharmaceuticals, and semiconductors. He also said the U.S. is nearing a new trade deal with China, with the possibility of a meeting with President Xi Jinping by year-end.
- Trump said tariffs on India will rise “substantially” in the next 24 hours, citing the country's resale of Russian oil.
- He stated he is “not worried about oil prices” despite potential supply impacts.
- Pharmaceutical imports will face an initial tariff that could rise to 150–250% within a year.
- Trump said he will announce new semiconductor tariffs “in the next week or so.”
- A 35% tariff on the EU is planned if the bloc does not “meet obligations.”
- Trump said the U.S. is “very close to a deal” with China on trade.
- He added that Xi Jinping “called for the meeting” and they will meet “before the end of the year” if a deal is finalized.
Relevant Companies
- TEVA: May be affected by proposed pharmaceutical tariffs impacting generic drug imports.
- TSM: Could be impacted by upcoming semiconductor-related tariffs, as a major chip manufacturer for U.S. tech firms.
- SNY: Sanofi, based in the EU, may face added costs if Trump’s 35% EU tariff is implemented.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
