Trump says pharmaceutical companies will likely be hit with tariffs at the end of the month

President Donald Trump said Tuesday that pharmaceutical companies will likely be hit with tariffs in the near future. 

"Pharmaceuticals will be tariffed probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff," Trump said in a video posted to the White House's Rapid Response 47 account. 

Trump said that pharmaceutical companies are moving back to America where they should be.

"There's two ways you do it," Trump said. "You make money and/or you have them move here so they don't have to pay the tariff. Those are the two ways."

The president made these remarks when returning to Washington, D.C. from an event in Pittsburgh.

During a cabinet meeting earlier this month, Trump said pharmaceutical tariffs could grow as high as 200%, according to Bloomberg.

Companies that are likely to be impacted by the tariffs include Eli Lilly & Co. and Pfizer.