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Trump tariffs live updates: Trump says pharma tariffs could go to 250%, US tensions with India escalate

Trump tariffs live updates: Trump says pharma tariffs could go to 250%, US tensions with India escalate

President Trump on Tuesday said he would announce tariffs on semiconductor and pharmaceutical imports "within the next week or so," as he prepares to add more sectoral duties to his mix of tariffs.

"We'll be putting a initially small tariff on pharmaceuticals, but in one year — one and a half years, maximum — it's going to go to 150%. And then it’s going to go to 250%, because we want pharmaceuticals made in our country," Trump said during a CNBC interview.

Meanwhile, the world is awaiting Trump's country-specific duties and jockeying ahead of their implementation. India has called out Trump after he threatened to "substantially raise" tariffs on Indian exports over its Russian oil purchases, slamming the move as unjustified. India said it would protect its interest and accused the US of a double standard on trade with Russia.

Trump has signed an order to hike tariffs on Canada to 35%, while setting rates from 10% to 40% on dozens of partners. Those duties are set to come into full effect this week.

Yahoo Finance's Ben Werschkul has more details on the latest orders. You can see the new rates Trump is set to levy in the graphic below:

TRUMP ANNOUNCES TARIFF RATES ON WIDE RANGE OF TRADING PARTNERS

Tariff rates announced on July 31, set to take effect on August 8

APRIL 2 ANNOUNCED RATE

CANADA
35%

MEXICO
25%

EUROPEAN UNION*
0%
20%

EUROPEAN UNION**
15%
20%

UNITED KINGDOM
10%
10%

INDIA
25%
26%

JAPAN
15%
24%

INDONESIA
19%
32%

In the past several days, Trump has unleashed a flurry of deals and trade moves leading up to his self-imposed deadline:

  • Trump granted Mexico, the US's largest trading partner, a 90-day reprieve on higher tariffs.

  • The US agreed to a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff on its exports, Trump said.

  • Trump imposed 50% tariffs on semi-finished copper products starting Aug. 1.

  • The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29.

  • Trump signed another order to impose a total of 50% tariffs on many goods from Brazil. However, it exempts key US imports like orange juice and aircraft parts that benefit Embraer (ERJ).

  • The US and EU agreed to a trade deal that imposes 15% tariffs on EU goods. The nations are still working on finalizing many terms of the deal.

Read more: What Trump's tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

US tariff on EU goods set at flat 15%

The EU said on Tuesday that European Union goods entering the US face a flat 15% tariff, including cars and car parts.

The rate includes the Most Favoured Nation (MFN) tariff and won't exceed 15% even if the US raises tariffs on items like semiconductors and medicines.

The EU said it still expects turbulence in its trade dealings with the US.

Reuters reports:

"We do expect further turbulence, but we have a clear insurance policy - the 15% tariff across the board. If the U.S. administration does not stick to that, we have the means to react to that," the official told reporters.

"The situation requires management, we have not solved everything in one go, but we have a solid foundation, we have changed fundamentally the approach with the U.S. Others are in a far worse position," the official said.

The European Union still expects turbulence in trade relations with Washington, but it believes it has a good insurance policy thanks to a framework deal that covers most goods it exports to the U.S. by a maximum 15% tariff, an EU official said.

5th Aug 2025

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