Speaking to reporters in the Oval Office, President Trump pledged to enact pharmaceutical tariffs.
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00:00There are some semiconductor tariffs and potentially pharmaceuticals.
00:07What?
00:08Semiconductor tariffs and potentially pharmaceuticals.
00:11Pharmaceuticals, we're going to do.
00:13We have â we don't make our own drugs, our own pharmaceuticals.
00:16We don't make our own drugs anymore.
00:18The drug companies are in Ireland and they're in lots of other places â China.
00:24And all I have to do is impose a tariff.
00:28The more, the faster they move in.
00:30The higher the tariff â it's inversely proportional.
00:34The higher the tariff, the faster they come.
00:37And, yeah, we're going to be doing that.
00:39That's going to be like we have on cars.
00:41We have, as you know, a 25 percent tariff on cars.
00:43We have a 25 percent tariff on steel and aluminum.
00:48And that's what that category fits right now.
00:51Do you have a percentage in mind and a timeline?
00:53I have a timeline.
00:54Yeah, not too distant future.
00:56We're doing it because we want to make our own drugs.
00:58We're doing it because we want to make our own steel and aluminum,
01:02lumber, other things.
01:04And they're all coming in.
01:06We have record numbers.
01:08Seven trillion dollars.
01:10Since I announced, like, a month and a half,
01:14since I came, basically, since I came in,
01:17we have over seven trillion dollars being invested in the country.
01:20We didn't have one trillion.
01:22We didn't have a half a trillion dollars for some of these guys.
01:26They didn't know what the hell they were doing.
01:28So we have the largest investment that we've ever heard of,
01:30and we're only two months in.
01:32And that will continue at levels that you've never seen before.
01:36That's what's going to happen.
01:38Even the stock market is up today.
01:40It's, we also had, you know, a lot of people didn't say it the way it was.
01:46We had the largest gain in the stock market in history on every single category last week.
01:52That was a nice game because we were getting a little hit,
01:55because people didn't understand the power of our economic,
02:01our country economically, if you use it right.
02:05Do you have something to say on that, J.D.?
02:07Yes, sir.
02:08I mean, look, for 40 years we have lost manufacturing capacity.
02:12Workers have seen their wages stagnate.
02:14And some of the most critical things that we need,
02:16from the pharmaceuticals, the drugs that we give to our children,
02:19the antibiotics that we give to our kids,
02:22to the weapons that we actually need to fight a war,
02:25if God forbid we had to fight a war, we don't make enough of that stuff.
02:28And so President Trump ran explicitly on changing that.
02:31Yes, as the President mentioned, it caused a little bit of disruption in the market.
02:34But I actually think over the long term, workers are going to benefit.
02:37Stocks are going to go up.
02:38American businesses are going to benefit as we reinvest and reindustrialize our country.
02:43And the autoworkers and the Teamsters and all of the unions,
02:47you know, not traditionally Republican, but I'm winning those unions by, what,
02:5240, 50 points on the Democrats.
02:55They're losing everything.
02:57They're losing everything because they just have policies that are not believable.
03:03They have, they fight for policies that are 5% popular.
03:07And nobody knows who the 5% are.
03:09I mean, nobody can find the 5%.
03:11But if you go back to Ohio, and by the way,
03:14we have the great championship team from Ohio coming in today, right?
03:18Very big day.
03:19And it's going to be a little bit late.
03:21And it's going to be a little bit late.