President Trump is implementing overlapping tariffs, including pharmaceutical tariffs expected at month-end, with an initial low rate transitioning to high tariffs over time. These tariffs come under two laws: the International Emergency Economic Powers Act (IEEPA) tariffs and Section 232 tariffs. The latter, which include investigations on national security, have seen increased usage under Trump, considered revolutionary compared to previous terms. Critics question their effectiveness in bolstering U.S. industries. Currently, Trump has two Section 232 tariffs active and nine investigations in progress.
Pharmaceuticals will be tariffed probably at the end of the month. We're going to start off with a low tariff and give the pharmaceutical companies a year or so to build.
Trump is imposing two different, overlapping sets of tariffs, authorized by two different laws: IEEPA tariffs and Section 232 tariffs.
The first step to imposing one of these tariffs is a Commerce Department investigation. Prior to Trump, the last such investigation was in 2001.
I think his use of Section 232 tariffs could be fairly characterized as revolutionary in his first term. It really hadn't been utilized very much prior to his coming to office.
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