President Donald Trump has threatened to slap 200 per cent tariffs on one of ’s biggest exports to the US.
Trump hinted at the whopping tariff hike on pharmaceuticals ahead of a US cabinet meeting on Tuesday local time.
exported $2.1billion in pharmaceutical products to the US in 2024, according to the n Bureau of Statistics.
Copper is also expected to be subject to a 50 per cent tariff, another big n export.
Trump assured that drug manufacturers will be given ‘about a year, year and a half’ to relocate to the US in a bid to dodge the tariff.
‘They’re going to be tariffs at very high rate,’ he told reporters.
‘We’ll give them a certain period of time to get their act together.’
Commerce Secretary Howard Lutnick later hinted that a final decision on pharmaceutical tariffs had not been made and that his department’s review into the imports wouldn’t be completed until later month.
‘And so the president will then set his policies,’ Lutnick told CNBC.
‘And I’m going to let him wait to decide how he’s going to do it.’
More to come.