High tariffs for 60 trading partners enter into force as Trump eyes pharma industry
The increased trade tariffs announced by US president Donald Trump a week ago entered into force at 6.00 on Wednesday, Belgian time. Meanwhile, Trump is also considering introducing a greater tariff on pharmaceuticals.
The universal 10 per cent tariff took effect last week. But for about 60 countries, the “biggest offenders” according to Trump, the US government calculated a new import tariff based on the US trade deficit with the country. For the EU, this is an additional 20 per cent.
China had initially been hit with an additional tariff of 34 per cent, but after it announced its own retaliatory measures, Trump added another 50 per cent. The total tariff on products from China is thus104 per cent.
The US administration's intention is to remove the negative US trade balance and force other countries to make concessions. In addition, Trump wants to boost production in the US. However, several countries, with China at the forefront, have announced or are considering countermeasures.
Pharmaceuticals are not covered by the higher tariffs that took effect today, but Trump is now also considering introducing a "big" tariff on pharmaceuticals "very soon", news agency Reuters reports.
Trump raised those plans at a meeting of the National Republican Committee in Congress. He said such a tariff would encourage pharma companies to move to the US. A lot of companies producing for the pharmaceutical industry are in China, India and Europe.
US president Donald Trump speaks during the National Republican Congressional Committee (NRCC) dinner on 8 April 2025 in Washington © PHOTO ANNA MONEYMAKER / GETTY IMAGES / AFP
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