Trump singles out Ireland in pledge to impose tariffs on pharmaceutical imports to US
President Donald Trump speaks to reporters in the Oval Office at the White House in Washington on Wednesday. Picture: Pool via AP
US President Donald Trump has singled out Ireland as he pledged to impose tariffs on pharmaceutical imports to the US.
"We're going to be doing tariffs on pharmaceuticals in order to bring our pharmaceutical industry back," Mr Trump said in the Oval Office on Wednesday.
"We don't make anything here in terms of drugs, different types of drugs that you need, medicines, it's in other countries, largely made in China, a lot of it made in Ireland.
"Ireland was very smart, we love Ireland, but we're gonna have that."
Mr Trump was speaking as he announced 25% tariffs on all cars made outside the US.
The White House claims it will foster domestic manufacturing, however, it could also put a financial squeeze on car makers that depend on global supply chains.
“What we’re going to be doing is a 25% tariff for all cars that are not made in the United States,” Mr Trump said in the Oval Office.
“We start off with a 2.5% base, which is what we’re at, and go to 25%.”
The move drew swift condemnation from the European Union, with EU commission president Ursula von der Leyen saying it was "bad for business, worse for consumers".
Canadian prime minister Mark Carney called the imposition of tariffs on car imports a “direct attack” on Canadian workers.
“We will defend our workers, we will defend our companies, we will defend our country, and we will defend it together,” he said.
The tariffs could be complicated as even US car makers source their components from around the world, meaning that they could face higher costs and lower sales. Shares in General Motors fell by about 3% in Wednesday afternoon trading. Ford’s stock was up slightly, but shares in Stellantis, the owner of Jeep and Chrysler, dropped nearly 4%.
Mr Trump has long said that tariffs against car imports would be a defining policy of his presidency, betting that the costs created by the taxes would cause more production to relocate to the US.
But American and foreign firms with domestic plants still depend on Canada, Mexico and other nations for parts and finished vehicles, meaning prices could increase and sales could decline as new factories take time to build.
The tariffs on car import tariffs will come into effect next week, on 2 April, Trump claimed, describing that dat as "liberation day".
The White House is expected to unveil a wide range of so-called reciprocal tariffs: levies on imported goods that the Trump administration argues are unfairly taxed by the US’s trading partners.
Trump has long argued that the US is being cheated by its trading partners and that tariffs are the best remedy. However, he has previously delayed or watered down his tariff plans on several occasions.
