US steps up probes into pharmaceutical, chip imports, setting stage for tariffs

• Summary

• Trump sets stage to proceed on pharma, chip levies under national security umbrella

• Federal Register filings kick off 21-day public comment period

• Broad use of tariffs by Trump has roiled markets, sparked economic outlook downgrades

April 14 (Reuters) - The Trump administration is proceeding with probes into imports of pharmaceuticals and semiconductors as part of a bid to impose tariffs on both sectors on grounds that extensive reliance on foreign production of medicine and chips is a national security threat, Federal Register filings on Monday showed.

The filings announce 21-day public comment periods and mark President Donald Trump's latest use of Section 232 of the Trade Expansion Act of 1962 as justification for so-called sectoral tariffs aimed at boosting domestic production of goods he says are critical to national security.

US steps up probes into pharmaceutical, chip imports, setting stage for tariffs