US President Donald Trump said Tuesday that he will soon announce a “major” tariff on pharmaceutical imports, a move he said would bring drug manufacturing back to American soil.
“We are going to be announcing very shortly a major tariff on pharmaceuticals,” Trump said in remarks at a National Republican Congressional Committee dinner.
“Once we do that, they’re going to come rushing back into our country because we’re the big market. The advantage we have over everybody is that we’re the big market,” he said.
“When they hear that, they will leave China, they will leave other places, because they have to sell — most of their product is sold here,” he added, referring to drug companies.
The president accused previous administrations of allowing China to take advantage of the US through unfair trade practices, vowing that it would no longer happen under his leadership.
Trump also accused China of imposing “unjustified” tariffs. He said many countries had profited from tariffs over the years and that his own actions were now drawing unfair criticism.
“They all got rich because of tariffs. You know, now, when we do it all, it’s so terrible. ‘What Trump is doing, it’s so terrible.’ They got rich, and not only China. Many countries. I mean, you look at Vietnam, you look at so many — I could name 50 right now.”
Trump noted that a 104% tariff on Chinese goods would take effect at midnight, adding they would remain in place until Beijing agrees to a new deal.
“I think they’ll make a deal at some point,” he said, “China will. They want to make a deal. They really do.”