Trump Threatens Higher Tariffs On Pharmaceuticals And Semiconductors

President Donald Trump said he will likely impose tariffs on pharmaceuticals by the end of the month and is also considering levies on semiconductors, Bloomberg News reported.

Both moves risk raising costs for ordinary Americans. I Photo: Pfizer Inc. X

Both moves risk raising costs for ordinary Americans. Meanwhile, mining giant Rio Tinto Group reported that U.S. tariffs on its Canadian aluminum exports cost the company more than $300 million in the first half of the year.

Canadian Prime Minister Mark Carney said trade talks with the U.S. would “intensify,” but suggested that tariffs would remain in place.

The race to replace Federal Reserve Chair Jerome Powell—whose term ends next May—is underway. Kevin Hassett, one of Trump’s longest-serving economic advisers, is seen as the frontrunner.

Scott Bessent is also under consideration, but Trump indicated that Bessent’s current success as Treasury Secretary may keep him in his post. Trump also criticized Powell again, suggesting that the cost of recent Fed building renovations could be grounds for dismissal.