In a recent interview with CNBC, President Donald Trump threatened to place a 250 percent tariff on all pharmaceutical imports.

The sweeping tariffs impose higher import taxes on goods from more than 60 countries. Here's what you need to know.

Germany, which sends 10% of its exports to the U.S. market, saw industrial production sag 1.9% in June as Trump's earlier rounds of tariffs took hold. “The new tariffs will clearly weigh on economic growth,” said Carsten Brzeski, global chief of macro for ING bank.