Trump announces major new tariff on pharmaceuticals just hours before Liberation Day levies take effect

President Donald Trump teased even more tariffs just hours before his Liberation Day tariffs were set to go into effect roiling global markets. 

Trump headlined the National Republican Congressional Committees Presidents Dinner at the National Building Museum in Washington. 

After reiterating that he would be putting a 104 percent retaliatory tariff on China at 12:01 a.m. Wednesday, Trump said his administration would soon be tariffing pharmaceuticals too. 

Were going to be announcing very shortly a major tariff on pharmaceuticals, the president said. 

Trump vowed to bring pharmaceutical production back to the United States.  

Many generic drugs sold in the U.S. are made in China - and also India, which will be hit with a 26 percent reciprocal tariff starting Wednesday. A lot of brand-name drug manufacturing is done in Europe. 

Pharmaceuticals were one of the carve-outs excluded from the Liberation Day tariffs, as well as rare earth minerals, gold and semiconductors. 

Tariffs on Chinese pharmaceuticals were to remain at 20 percent. 

President Donald Trump said Tuesday night at the National Republican Congressional Committee Presidents Dinner that he planned to put a tariff on pharmaceuticals shortly

The pharma tariff threat comes just hours before all of President Donald Trumps Liberation Day reciprocal tariffs will go into effect 

Trumps commitment to tariffs comes after the Dow ended more than 300 points down. 

Overall the tariff-related market drop amounted to more than 4,500 points. 

The stock market briefly rallied Tuesday when it appeared Trump could put a pause on his tariffs going into effect. 

The White House has since indicated thats not going to happen. 

Trump delivered his remarks Tuesday to the group that assists Republicans in winning seats in the House of Representatives. 

He want the GOP-controlled Congress to pass a bill that includes major tax cuts - as Trumps 2017 tax cuts are expiring. 

We are one big, beautiful bill signing away from the greatest economy in the history of the world, Trump said.  If we dont do it its going to be a disaster.

And you just better hope that people believe that it was the Democrats fault, because you know, theyre very good at saying it was our fault, he continued. 

President Donald Trump pressed Republican members of Congress to pass one big, beautiful bill that would keep his 2017 tax cuts from expiring 

Itll be the biggest tax increase in history, Trump said. 

He also spent portions of the speech beating up on Democrats - including former President Joe Biden, again mocking him for falling asleep on the beach. 

Trump mocked, at length, the neck-size of Democratic California Sen. Adam Schiff. 

Hes got the smallest neck Ive ever seen, Trump remarked, asking how it holds up Schiffs head. Its a mystery.  

The president also marveled at Democrats using Rep. Jasmine Crockett as a potent surrogate. 

Crocketts gonna bring them back? Trump mused. They are in serious trouble.