U.S. President Donald Trump said on Tuesday he intends to impose a "25% or higher" levies on semiconductors and pharmaceutical imports, and raise it substantially over the course of a year, a move likely to hit India's sprawling pharmaceutical industry.

The company relies on its key generic drugs in oncology and immunology therapies for sales in the region, which rose 28 per cent from a year earlier

President Donald Trump said on Tuesday that he plans to impose tariffs of around 25% on auto imports as well as semiconductors and pharmaceuticals shipped to the United States as early as April 2.

Shares of Indian pharmaceutical companies slid 2% on Wednesday after U.S. President Donald Trump said he intends to impose tariffs of about 25% or higher on pharma imports.

Good morning. Trump floats the idea of 25% tariffs on more products. The US says that Russian sanctions should stay in place until a Ukraine deal is reached. And a Pacific island nation is selling passports to beat climate change.

KEY TAKEAWAYS President Trump is considering tariffs of 25% or more on automobiles, semiconductors and pharmaceutical products imports into the U.S., according to reports. According to The Wall Street Journal,

U.S. President Donald Trump's threat to impose reciprocal tariffs from early April is feeding anxiety in India's export sectors from autos to agriculture, with Citi Research analysts estimating potential losses at about $7 billion a year.

India’s top officials said they will continue to cut import taxes as the government looks to work around US President Donald Trump’s plan to impose reciprocal tariffs on trading partners.

President Donald Trump has announced plans to impose 25% tariffs on auto imports, semiconductor chips, and pharmaceuticals entering the U.S., potentially starting April 2.