News Today: Trump Declares His Tariffs Are Legendary as Trade Talks Intensify

At a recent Republican dinner in Washington DC, US President Donald Trump confidently told the media that his tariffs are “going to be legendary, in a positive way.” Trump made these remarks while discussing the ongoing trade negotiations with various countries, including Japan. He noted that representatives from Japan are on their way to Washington to engage in tariff talks, highlighting that “we’re making deals and people are paying tariffs,” and that countries like China are facing significant tariff increases.

One of the most significant tariff hikes, Trump pointed out, is the 104% tariff on Chinese goods, which he claimed was only hours away from being enacted. The announcement has led to noticeable market fluctuations, particularly in Japan. Shares in Tokyo’s Nikkei 225 fell by about 3% in early trading the following day, after a 6% rise the day before. Meanwhile, South Korea’s Kospi index was largely flat, and Australia’s ASX 200 also saw a decline of 2.1%.

While President Trump had previously exempted pharmaceuticals from the sweeping tariffs announced last week, he suggested that he would impose pharmaceutical-specific tariffs in the future. He claimed that such tariffs would encourage drug production to shift back to the US. Many pharmaceutical supply chains, however, are currently based in China, India, and Europe.

Experts have raised concerns that, despite the temporary exemption, tariffs on materials used in drug production could still increase the cost of pharmaceuticals for consumers. The market response to these tariff announcements and the possible ripple effects on industries like pharmaceuticals will continue to be closely watched.