Key Events

President Donald Trump said pharma tariffs will be announced very shortly (Getty Images)

President Donald Trump’s sweeping tariffs on countries around the world, including a 104% levy on Chinese imports, took effect early Wednesday, dramatically altering the global trade landscape.

Trump also said he will announce tariffs on pharmaceutical products “very shortly,” in comments made at the National Republican Congressional Committee dinner Tuesday.

Countries are still working to negotiate with the U.S., though deals are expected to take time as almost 70 nations have approached the White House–if they happen at all.

“We don’t necessarily want to make a deal with them. We’re happy the way we are, taking our $2 billion a day, but they want to make a deal with us,” Trump said at the National Republican Congressional Committee dinner Tuesday.

Treasury Scott Bessent suggested trade talks could last into June as he predicted a busy few months of negotiations ahead, in an interview with Fox News.

White House press secretary Karoline Leavitt said no delays or extensions were expected in a press briefing Tuesday afternoon. The “era of American economic surrender is over,” she said, adding that nearly 70 countries have reached out to Trump to negotiate over tariffs.