U.S. President Donald Trump on Tuesday said he plans to announce tariffs on imported pharmaceuticals which could reach 200% but he would give drugmakers about one year "to get their act together." "We're going to give people about a year,

President Donald Trump suggested Tuesday his administration intends to impose a 200% tariff rate on pharmaceutical imports into the U.S., which would take effect in a year, a major fee that could affect some $200 billion in imports and raise prices on Americans’ medications if it takes effect.

President Trump on Monday said the U.S will impose 25% tariffs on goods from South Korea and Japan by Aug. 1, while also threatening to hit a dozen other nations with steep import duties by next month.