Trump Administration Imposes New Tariffs on Semiconductors, Pharmaceuticals

(MENAFN) In a significant move on Monday, the Trump administration announced the implementation of new tariffs targeting semiconductors and pharmaceutical products. This action marks the beginning of a process that could further increase the tariffs that President Donald Trump is already applying to imports from various countries.

"President Trump has long been clear about the importance of reshoring manufacturing that is critical to our country’s national and economic security. Following the President’s directive, the Department of Commerce is moving forward with the public comment period of Section 232 investigations on pharmaceutical and semiconductor-related products," stated White House spokesperson Kush Desai.

Desai emphasized, "The entire administration is committed to working on Trump Time to secure our economic future and restore American Greatness."

The initiation of these processes was signaled by federal notices informing the public that investigations into the national security risks associated with importing pharmaceuticals, pharmaceutical ingredients, semiconductors, and semiconductor manufacturing equipment have commenced. These investigations officially began on April 1, as noted in the announcements.

As highlighted by Desai, the tariffs will be enacted under Section 232 of the Trade Expansion Act of 1962, which grants the president the authority to impose duties on imports that could potentially threaten national security.

In March, Trump utilized these powers to broaden tariffs on steel and aluminum and initiated investigations into copper and timber.

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