String Replacement

[subhabangalore at gmail.com]

I have a string like 

"Trump is $ the president of USA % Obama was $ the president of USA % Putin is $ the premier of Russia%"

Here, I want to extract the portions from $...%, which would be

"the president of USA", 
"the president of USA", 
"the premier of Russia"

and would work some post extraction jobs, like I may split them or annotate them and may replace them
back to its own position with the edited string.

In the end it may look like

"Trump is  the/DET president/NN of/PREP USA/NN  Obama was  the/DET president/NN of/PREP USA/NN Putin is  the/DET premier/NN of/PREP Russia/NN"

I am working around replace and re.sub 

If any one may kindly suggest.

I am using Python2.7.12 on MS-Windows 7

Thanking in Advance