Tariff crisis Trump's tariff policy

Trump to pharmaceutical giants: Lower prices or face penalties

Donald Trump gives Astra Zeneca and 16 other pharmaceutical giants 60 days to offer the US special prices. This is evident from several letters he published on Truth Social.

The president writes that drug prices in the US are two to three times higher than in the rest of the world.

"This is unacceptable," he continues.

Among other things, Trump demands that the companies lower prices to the same level as in other countries, even when they are new. In addition, high revenues generated abroad should be returned to the US to lower prices. The companies should also eliminate expensive middlemen.

"If you refuse to take responsibility, we will use every tool at our disposal to protect American families from continued abuse of drug pricing." 

Trump: Extended tariff break with Mexico – hoping for a deal

The tariff break between the US and Mexico is extended for 90 days after Mexican concessions, writes Donald Trump on Truth Social.

During the period, "the exact same agreement" applies as before, according to Trump. The difference is that Mexico agrees to "immediately" remove retaliatory measures against the US.

So-called fentanyl tariffs as well as auto tariffs of 25 percent and 50 percent tariffs on steel still apply to Mexican exports to the US.

"We will be holding talks with Mexico over the next 90 days with the goal of signing a trade agreement sometime during this 90-day period - or later," writes Trump after a phone call with Mexican President Claudia Sheinbaum.

List: Countries that reached agreements before Trump's deadline

Donald Trump's tariff break expires tomorrow, August 1, which means that countries that have not managed to reach a trade agreement with the United States could face higher tariffs. This creates even greater uncertainty in the global economy, reports CNBC.

During the 120 days that the tariff break has been in effect since April 2, only eight agreements have been signed. One of them is with the EU. Important trading partners for the United States such as Canada, Australia and India, however, have not reached any agreements.

In April, Trump claimed that he had reached "over 200 agreements" in an interview with Time Magazine, and trade adviser Peter Navarro has said that "90 agreements in 90 days" is possible.
Countries that have signed the agreement

• UK, May 8, tariff from 25 to 10 percent
• Vietnam, July 2, tariff from 46 to 20 percent
• Indonesia, July 15, tariff from 32 to 19 percent
• Philippines, July 22, tariff from 20 to 19 percent
• Japan, July 23, tariff from 25 to 15 percent
• EU, July 27, tariff from 30 to 15 percent
• South Korea, July 31, tariff from 25 to 15 percent
• China, May 12*, tariff from 145 to 30 percent

*Talks between the EU and the US in Stockholm failed to reach an agreement on a tariff break after August 12.