Trump to announce pharmaceutical tariffs over next two weeks

WASHINGTON

US President Donald Trump said on Monday that he will announce pharmaceutical tariffs over the next two weeks.

"I'll announce it over the next two weeks," Trump told reporters at the White House when asked about the tariff rates.

Trump signed an executive order to facilitate the restoration of a domestic manufacturing base for prescription drugs, including key ingredients and materials necessary to manufacture prescription drugs.

The order directs the US Food and Drug Administration (FDA) to reduce the amount of time it takes to approve domestic pharmaceutical manufacturing plants by eliminating duplicative and unnecessary requirements, streamlining reviews, and working with domestic manufacturers "to provide early support before facilities come online."

It also directs the FDA to increase fees for and inspections of foreign manufacturing plants.

"We don’t want to be buying our pharmaceuticals from other countries because if we’re in a war, we’re in a problem, we want to be able to make our own," Trump said in a White House fact sheet.