White House’s Navarro says pharma tariffs likely under Section 232 probe

White House trade adviser Peter Navarro said on Thursday that the Trump administration is likely to levy tariffs on pharmaceutical imports under a "Section 232" trade investigation because it's "very clear that we have a national security crisis" due to U.S. reliance on foreign producers in the sector.

In an televised interview with CNBC, Navarro did not provide any details on the timing of the Section 232 probe.

He said that President Donald Trump's executive order to shore up supply chains will provide price floors for domestic producers of drug ingredients through long-term strategic contracts that will ensure sufficient demand. At the same time, tariffs will deter dumping of pharma precursors from India and China, he added.