Further complicating matters, the ISM report’s prices index extended recent increases, reaching its highest level since October 2022. President Trump said Tuesday he will unveil tariffs on semiconductors and pharmaceuticals “within the next week or so” and that import taxes on drugs could ultimately reach 250%. Trump also threatened to raise tariffs on imports from India over the country’s economic links to Russia, although he said that the U.S. was getting close to a trade deal with China.
