US steps up probes into pharmaceutical and chip imports, setting stage for tariffs

Donald Trump said on Sunday he would be announcing tariffs on imported semiconductors over the next week, adding that there would be flexibility with some companies in the sector

Companies in the industry have lobbied Donald Trump to phase in tariffs on imported pharmaceutical products in hopes of reducing the sting from the charges and to allow time to shift manufacturing.

The Trump administration is proceeding with probes into imports of pharmaceuticals and semiconductors as part of a bid to impose tariffs on both sectors on grounds that extensive reliance on foreign production of medicine and chips is a national security threat, Federal Register filings on Monday showed.

The filings announce 21-day public comment periods and mark president Donald Trump's latest use of Section 232 of the Trade Expansion Act of 1962 as justification for so-called sectoral tariffs aimed at boosting domestic production of goods he says are critical to national security.