Trump says US will soon announce tariffs on pharmaceutical imports

President Donald Trump on Tuesday said the U.S. will soon announce a “major” tariff on pharmaceutical imports.

Speaking to an event at the National Republican Congressional Committee, Trump said the tariff will incentivize drug companies to move their operations to the U.S.

Trump also said he told the Taiwan Semiconductor Manufacturing Company it would pay a tax of up to 100 percent if it didn’t build its plants in the United States.

Speaking to an event at the Republican National Congressional Committee, Trump criticized former president Joe Biden’s administration for providing a $6.6 billion grant to TSMC’s U.S. unit for semiconductor production in Phoenix, Arizona, saying semiconductor companies don’t need the money.