Overview

• On July 15, President Trump said tariffs on pharmaceutical imports will start at the end of the month with low initial rates before rising sharply after a one-year transition.
• He announced a similar schedule for semiconductor tariffs but provided no further details on the specific duty levels for chips.
• Commerce Secretary Howard Lutnick confirmed that the administration’s Section 232 investigations into drug and chip imports will conclude by July 31.
• The measures invoke Section 232 of the Trade Expansion Act of 1962 to adjust imports deemed a threat to U.S. national security.
• Tariff threat letters sent to more than 20 trading partners are part of a wider reciprocal-tariff campaign aimed at securing trade concessions and bolstering domestic supply chains.