President Donald Trump said on Tuesday that the United States would initially place a "small tariff" on pharmaceutical imports before hiking it to 150% within 18 months and eventually to 250% in an effort to boost domestic production.

Trump said he will initially impose a "small tariff" on pharmaceuticals, but then in a year to a year and a half, he will raise that rate to 150% and then 250%.

President Donald Trump threatened to levy tariffs of up to 250% on pharmaceuticals imported into the United States.