U.S. President Donald Trump signed an order on Thursday imposing 100% customs tariffs on patented pharmaceutical products and their components, LETA reports citing DPA.
The tariffs will take effect in 120 days for large companies and in 180 days for smaller ones.
However, a reduced tariff of 15% will apply to the European Union.
The Trump administration continues its aggressive tariff policy despite a U.S. Supreme Court ruling that many tariffs imposed by this administration are illegal in their current form.
Countries will be able to reduce tariffs on their products if they enter into appropriate agreements with the U.S. government and begin construction of factories in the U.S.
The U.S. administration also intends to change tariffs on imports of aluminum, steel, and copper.
The U.S. government has not received the expected revenue from tariffs, as other countries artificially lowered the declared prices of steel supplied to the U.S., a senior administration official stated.
In the future, a tariff of 50% is planned for the import of these metals, calculated not from the export price but from the price in the U.S. market.
