President Donald Trump teased additional tariffs mere hours prior to his scheduled 'Liberation Day' tariffs, causing turbulence in international markets.
Trump was the headline speaker at the National Republican Convention. Congressional The President of the Committee's Dinner at the National Building Museum in Washington.
After reaffirming his stance that he would impose a 104 percent retaliatory tariff, China At 12:01 a.m. on Wednesday, Trump announced that his administration would shortly impose tariffs on pharmaceutical products as well.
"We will soon announce significant tariffs on pharmaceutical products," the president stated.
Trump pledged to relocate pharmaceutical manufacturing back to the United States.
A lot of over-the-counter medications available in the US are manufactured in China as well. India , which will be hit with a 26 percent reciprocal tariff starting Wednesday. A lot of brand-name drug manufacturing is done in Europe.
Medications were among the exemptions not subject to the 'Liberation Day' tariffs, alongside rare earth elements, gold, and semiconductors.
The tariff rates for Chinese pharmaceutical products were set to stay at 20 percent.
Trump's commitment to tariffs comes after the Dow finished over 300 points lower.
In total, the decline in the market due to tariff concerns reached over 4,500 points.
The stock market experienced a short-lived upturn on Tuesday as it seemed possible that Trump might halt the implementation of new tariffs.
The White House has subsequently made it clear that this will not occur.
On Tuesday, Trump addressed the organization that helps Republicans secure positions in the House of Representatives.
He wants the GOP-led Congress to approve a piece of legislation that encompasses significant tax reductions, given that the tax cuts implemented under Trump in 2017 are set to expire.
We're just one major bill away from having the most incredible economy ever witnessed globally," stated Trump. "Should we fail to pass this, it will result in a catastrophe.
"And you just pray that everyone thinks it was the Democrats' responsibility, because as we know, they excel at making us take the blame," he went on.
'This will be the largest tax hike in history,' Trump stated.
He dedicated parts of his speech to criticizing Democrats as well – including former President Joe Biden, once more making fun of him for allegedly dozing off at the beach.
Trump extensively ridiculed Senator Adam Schiff from California for his neck size.
He has the tiniest neck I have ever come across," Trump commented, wondering how it supports Schiff's head. "It’s quite an enigma.
The president was equally impressed with how Democrats have been utilizing Representative Jasmine Crockett as an effective spokesperson.
'Crockett will bring them back?' Trump pondered. 'They are in deep trouble.'
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