Trump flags drug tariffs as soon as end of the month
'Probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff,' Trump told reporters on Tuesday (Wednesday AEST) as he returned to Washington after attending an artificial intelligence summit in Pittsburgh.
Trump also said his timeline for implementing tariffs on semiconductors was 'similar' and that it was 'less complicated' to impose levies on chips, without providing additional detail.
At a cabinet meeting earlier this month, Trump said he planned to impose a 50 per cent tariff on copper in the coming weeks, and that he expected pharmaceutical tariffs to grow as high as 200 per cent after giving companies a year to bring manufacturing back to the US. Trump has already announced investigations under Section 232 of the Trade Expansion Act of 1962 on drugs, arguing a flood of foreign imports was threatening national security.
Pharmaceutical products are the third-biggest category in Australia's exports to the United States, after beef and gold. The category was worth $2.2 billion last year and includes plasma exports from biotech giant CSL, a company that also has large US operations.
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The threat came as Trump in recent days has sent letters to a number of trading partners unilaterally dictating the rates for tariffs on many imports, while maintaining he would continue to carry out negotiations. Earlier on Tuesday, Trump announced an agreement with Indonesia reducing the 32 per cent rate announced in one of the letters to 19 per cent. Indonesia agreed to purchase $US15 billion ($23 billion) in US energy, $US4.5 billion worth of agricultural products and 50 Boeing jets as part of the agreement, the US said.
Trump on Tuesday predicted that he could strike 'two or three' trade deals with countries before implementing his so-called reciprocal tariffs before they were implemented on August 1, saying that an agreement with India was among the most likely.
Trump told reporters the US was engaged in substantive discussions with between five and six countries, but that he wasn't necessarily inclined to finalise agreements over simply dictating a tariff rate.
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However, in June, GM announced it would add production of the combustion-powered Blazer to its Spring Hill, Tennessee plant in 2027 – a somewhat odd move, given the now six-year-old vehicle was set to be phased out. ABOVE: Chevrolet Blazer and Blazer EV Now, GM Authority reports it'll be a next-generation Blazer being manufactured in Spring Hill. Whether this means the new second-generation XT5 sold in China – previously slated to be a Chinese-market exclusive vehicle – will be offered in the US remains to be seen. It's not just the new XT5 that's exclusive to China. GM has developed a handful of new-generation combustion-powered vehicles for China that it hasn't offered in its home market. That includes the Cadillac GT4 and second-generation CT6. However, GM has struggled in China of late as resurgent domestic brands offering increasingly sophisticated products have eaten away both at its market share and that of many other foreign brands. It's now losing money there, despite the Chinese market once being a cash cow. ABOVE: Cadillac Lyriq With GM having reduced its global footprint through the sale of Opel/Vauxhall and a large-scale (if not complete) withdrawal from right-hand drive production that spelled the end of Holden, among other strategic moves, its home market has now become even more important. And despite EV sales continuing to grow in the US, the world's second-largest new-car market, there's still healthy demand for combustion-powered vehicles. GM has been pulling back somewhat from its previous bold EV goals. For example, it confirmed this year its Orion Assembly Plant in Michigan that was earmarked for EV production will now produce combustion-powered vehicles, while it will also introduce plug-in hybrids – technology it was previously planning to skip over. However, it's investing in new battery developments and plans to introduce a new, more affordable EV as a successor to its defunct Chevrolet Bolt, indicating it remains committed to EVs. It now offers multiple EVs across its Cadillac, Chevrolet and GMC brands, with electric Buicks also offered in China. Content originally sourced from: General Motors was increasingly going down the path of having V8-powered full-size pickups and SUVs, but using electric power for almost everything else. Its Buick and Cadillac brands, for example, had goals of going electric-only by 2030, while myriad combustion-powered models were being phased out. However, GM Authority reports the American giant is now putting new combustion-powered vehicles into development. It's also reportedly evaluating new variants of existing combustion-powered vehicles – something that could see it introduce, for example, performance-focused pickups to take on Ford's Raptor models. CarExpert can save you thousands on a new car. Click here to get a great deal. ABOVE: Chevrolet Silverado ZR2 It's unclear what new combustion-powered models GM may develop, though it currently doesn't have a unibody (car-based) ute to rival the Ford Maverick and no longer has a pony car to rival the Ford Mustang (following the axing of the Chevrolet Camaro). It also doesn't have a body-on-frame off-roader smaller than its Chevrolet Tahoe/GMC Yukon to take on the Toyota 4Runner and LandCruiser 250 Series (sold as the Prado here), apart from the ageing Chevrolet Trailblazer in Latin America. The change in strategy comes as fuel prices remain low in the US, while emissions regulations have been softened under the Trump administration. Of course, GM still has a bevy of electric vehicles (EVs) and is crowing about its Chevrolet brand being the second biggest seller of EVs in the US market. But GM had been more aggressive than many brands in phasing out combustion-powered vehicles in favour of EVs. ABOVE: American Cadillac XT5 and (new) Chinese XT5 For example, the Chevrolet Blazer and Cadillac XT4, XT5 and XT6 crossover SUVs were all being phased out in favour of electric replacements – the Blazer EV, Optiq, Lyriq and Vistiq, respectively. Likewise, the Cadillac CT4 and CT5 sedans were expected to be replaced by one or two electric sedans, while the Chevrolet Malibu sedan has been axed outright. While none of these combustion-powered vehicles top the sales charts in their respective segments, many have been strong sellers at one point or another in their run. However, in June, GM announced it would add production of the combustion-powered Blazer to its Spring Hill, Tennessee plant in 2027 – a somewhat odd move, given the now six-year-old vehicle was set to be phased out. ABOVE: Chevrolet Blazer and Blazer EV Now, GM Authority reports it'll be a next-generation Blazer being manufactured in Spring Hill. Whether this means the new second-generation XT5 sold in China – previously slated to be a Chinese-market exclusive vehicle – will be offered in the US remains to be seen. It's not just the new XT5 that's exclusive to China. GM has developed a handful of new-generation combustion-powered vehicles for China that it hasn't offered in its home market. That includes the Cadillac GT4 and second-generation CT6. However, GM has struggled in China of late as resurgent domestic brands offering increasingly sophisticated products have eaten away both at its market share and that of many other foreign brands. It's now losing money there, despite the Chinese market once being a cash cow. ABOVE: Cadillac Lyriq With GM having reduced its global footprint through the sale of Opel/Vauxhall and a large-scale (if not complete) withdrawal from right-hand drive production that spelled the end of Holden, among other strategic moves, its home market has now become even more important. And despite EV sales continuing to grow in the US, the world's second-largest new-car market, there's still healthy demand for combustion-powered vehicles. GM has been pulling back somewhat from its previous bold EV goals. For example, it confirmed this year its Orion Assembly Plant in Michigan that was earmarked for EV production will now produce combustion-powered vehicles, while it will also introduce plug-in hybrids – technology it was previously planning to skip over. However, it's investing in new battery developments and plans to introduce a new, more affordable EV as a successor to its defunct Chevrolet Bolt, indicating it remains committed to EVs. It now offers multiple EVs across its Cadillac, Chevrolet and GMC brands, with electric Buicks also offered in China. Content originally sourced from: General Motors was increasingly going down the path of having V8-powered full-size pickups and SUVs, but using electric power for almost everything else. Its Buick and Cadillac brands, for example, had goals of going electric-only by 2030, while myriad combustion-powered models were being phased out. However, GM Authority reports the American giant is now putting new combustion-powered vehicles into development. It's also reportedly evaluating new variants of existing combustion-powered vehicles – something that could see it introduce, for example, performance-focused pickups to take on Ford's Raptor models. CarExpert can save you thousands on a new car. Click here to get a great deal. ABOVE: Chevrolet Silverado ZR2 It's unclear what new combustion-powered models GM may develop, though it currently doesn't have a unibody (car-based) ute to rival the Ford Maverick and no longer has a pony car to rival the Ford Mustang (following the axing of the Chevrolet Camaro). It also doesn't have a body-on-frame off-roader smaller than its Chevrolet Tahoe/GMC Yukon to take on the Toyota 4Runner and LandCruiser 250 Series (sold as the Prado here), apart from the ageing Chevrolet Trailblazer in Latin America. The change in strategy comes as fuel prices remain low in the US, while emissions regulations have been softened under the Trump administration. Of course, GM still has a bevy of electric vehicles (EVs) and is crowing about its Chevrolet brand being the second biggest seller of EVs in the US market. But GM had been more aggressive than many brands in phasing out combustion-powered vehicles in favour of EVs. ABOVE: American Cadillac XT5 and (new) Chinese XT5 For example, the Chevrolet Blazer and Cadillac XT4, XT5 and XT6 crossover SUVs were all being phased out in favour of electric replacements – the Blazer EV, Optiq, Lyriq and Vistiq, respectively. Likewise, the Cadillac CT4 and CT5 sedans were expected to be replaced by one or two electric sedans, while the Chevrolet Malibu sedan has been axed outright. While none of these combustion-powered vehicles top the sales charts in their respective segments, many have been strong sellers at one point or another in their run. However, in June, GM announced it would add production of the combustion-powered Blazer to its Spring Hill, Tennessee plant in 2027 – a somewhat odd move, given the now six-year-old vehicle was set to be phased out. ABOVE: Chevrolet Blazer and Blazer EV Now, GM Authority reports it'll be a next-generation Blazer being manufactured in Spring Hill. Whether this means the new second-generation XT5 sold in China – previously slated to be a Chinese-market exclusive vehicle – will be offered in the US remains to be seen. It's not just the new XT5 that's exclusive to China. GM has developed a handful of new-generation combustion-powered vehicles for China that it hasn't offered in its home market. That includes the Cadillac GT4 and second-generation CT6. However, GM has struggled in China of late as resurgent domestic brands offering increasingly sophisticated products have eaten away both at its market share and that of many other foreign brands. It's now losing money there, despite the Chinese market once being a cash cow. ABOVE: Cadillac Lyriq With GM having reduced its global footprint through the sale of Opel/Vauxhall and a large-scale (if not complete) withdrawal from right-hand drive production that spelled the end of Holden, among other strategic moves, its home market has now become even more important. And despite EV sales continuing to grow in the US, the world's second-largest new-car market, there's still healthy demand for combustion-powered vehicles. GM has been pulling back somewhat from its previous bold EV goals. For example, it confirmed this year its Orion Assembly Plant in Michigan that was earmarked for EV production will now produce combustion-powered vehicles, while it will also introduce plug-in hybrids – technology it was previously planning to skip over. However, it's investing in new battery developments and plans to introduce a new, more affordable EV as a successor to its defunct Chevrolet Bolt, indicating it remains committed to EVs. It now offers multiple EVs across its Cadillac, Chevrolet and GMC brands, with electric Buicks also offered in China. Content originally sourced from:
