Trump Warns EU Of 35% Tariff, Confirms India Hike Within 24 Hours
Synopsis
In an interview with CNBC, Trump said tariffs on pharmaceuticals could reach up to 200% over the coming year and that new policies on semiconductors would be announced soon.
President Donald Trump said Tuesday that tariffs on the European Union could rise to 35% unless trade obligations are met. He also confirmed the U.S. will “substantially” increase tariffs on India within 24 hours, but did not specify by how much.
In an interview with CNBC, Trump also said that he would initially impose a “small tariff” on pharmaceuticals, which could reach up to 250% over the coming year, and that new policies on semiconductors would be announced soon. In early July, Trump had threatened 200% tariffs on pharmaceuticals. In April, his administration had initiated a so-called Section 232 investigation on pharmaceutical products.
“We’re going to be announcing on semiconductors and chips, which is a separate category, because we want them made in the United States,” Trump said on Tuesday, adding that the announcement would come “within the next week or so.”
For India, Trump has previously stated that the country would be subject to a 25% tariff. On Monday, in a post on Truth Social, he reiterated his displeasure over India buying Russian oil and threatened to “substantially” raise tariffs paid by India to the U.S.
Trump also signaled that a face-to-face meeting with China’s Xi Jinping is likely before the end of 2025, if trade talks are completed. “We’re getting close to a deal,” Trump said.
U.S equity markets were mixed in pre-market trade on Tuesday. The SPDR S&P 500 ETF (SPY) edged 0.13% higher while the SPDR Dow Jones Industrial Average ETF (DIA) moved 0.05% lower. The Invesco QQQ Series 1 Trust (QQQ) rose 0.29%.
On Stocktwits, retail sentiment around SPY moved marginally higher but remained within ‘neutral’ territory over the past day. Meanwhile, retail sentiment around DIA remained in the ‘extremely bullish’ zone.
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