New Delhi, Aug. 5 -- US President Donald Trump has announced that new US tariffs on semiconductor and pharmaceutical imports will be imposed "within the next week or so."

The move is part of the administration's broader strategy to use trade levies to bring manufacturing back to the US and target key economic sectors, PTI reported.

In a recent interview on CNBC, Trump outlined his tariff plan. "We'll be putting an initially small tariff on pharmaceuticals, but in one year - one and a half years, maximum - it's going to go to 150% and then it's going to go to 250% because we want pharmaceuticals made in our country," he said.

The news report said this follows Trump's recent demand that major suppliers of medicines drastically cut costs ...