August 5, 2025
(Philadelphia, Pennsylvania) — Donald Trump today announced the implementation of tariffs on pharmaceutical products, semiconductors, and chips in the coming weeks. His tariffs are already projected to cost an average family an additional $2,400 annually.
“No one voted for Trump to raise drug prices even higher,” said Shaughnessy Naughton, President of 314 Action. “His tariffs are squeezing every last penny out of American families and tanking the economy. With tariffs on technology and prescription drugs, the cost of everything from a Nintendo switch to Ozempic will go up. Trump promised an ‘economic golden age’ on day one but his tariffs are creating an economic crisis and we’re footing the bill.”
CNBC: Trump says new semiconductor tariff plan coming as soon as next week
Key points:
- President Donald Trump said Tuesday he will unveil new tariffs on semiconductors and chips as soon as next week.
- “We’re going to be announcing on semiconductors and chips, which is a separate category, because we want them made in the United States,” Trump said during a lengthy interview on CNBC’s “Squawk Box.”
- Trump said that that announcement will come “within the next week or so.” He did not provide other details about the plan.
- The vast majority of the world’s most advanced semiconductors come from Taiwan, home of major chipmaker TSMC, whose customers include Apple, Nvidia, Qualcomm and AMD.
- Taiwanese goods are set to face an updated tariff of 20% starting this week — though that is down from the 32% duty Trump had previously threatened as part of his April 2 “liberation day” levies.
- He said in the same appearance that tariffs on imported pharmaceuticals could eventually reach up to 250%. He had previously said that those tariffs would top out at 200%.
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