President Trump signs trade proclamations on pharmaceuticals and metals

On Thursday, U.S. President Donald Trump signed two trade proclamations affecting pharmaceutical imports and metal products. New tariffs on imported pharmaceuticals, reaching up to 100%, aim to incentivize domestic U.S. production. Countries with existing trade agreements, including Japan, South Korea, the European Union, and Switzerland, are exempted from the higher rates and will face a 15% tariff limit. Simultaneously, the administration adjusted metal tariffs to counter artificial price manipulation. Finished goods containing steel, aluminum, or copper will now be subject to a 25% tariff based on the total value of the product, replacing the previous 50% duty applied to the metal content. The regulations for metal products take effect this coming Monday, while the pharmaceutical measures will be implemented within 120 to 180 days depending on company size. The White House stated these actions are intended to protect domestic industries.