'The Higher The Tariff, The Faster They Come': Trump Pledges Pharmaceutical Tariffs

Forbes Breaking News

Speaking to reporters in the Oval Office, President Trump pledged to enact pharmaceutical tariffs.

Transcript

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 — 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 — 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 — 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.

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