Trump to impose higher-than-expected tariffs, markets drop: Live updates NBC Boston [Video]

This is CNBC’s live coverage of President Donald Trump’s announcement Wednesday of new tariffs targeting U.S. trade partners.

What you need to know

CNBC’s reporters are covering the tariffs and their effect, live all day on air and online from our bureaus in Washington; London; Singapore; San Francisco; and Englewood Cliffs, New Jersey.

Pharmaceutical products are among the goods that will not be subject to the reciprocal tariffs announced today, according to a White House fact sheet. 

But Trump has not ruled out his plans to impose pharmaceutical-specific tariffs sometime soon. 

Other goods not subject to the reciprocal tariffs include copper, semiconductors, lumber, bullion, energy and certain minerals that are not available in the U.S., the fact …