Major Tariffs

President Trump announced that the US would impose 100% tariffs on pharmaceutical imports starting October 1.

Context

The pharmaceutical industry has been bracing for potential tariffs as the Trump Administration seeks to bring drug manufacturing back to the United States. Many major drugmakers have already announced plans to invest in American facilities in recent months, with companies pledging over $350B in US investments through the end of the decade. Earlier this year, the administration imposed sweeping global tariffs on dozens of countries and has been investigating various industries under national security provisions.

New Tariffs

The president said last week that the US would impose 100% tariffs on “branded or patented” pharmaceutical products beginning October 1, but companies building US manufacturing plants could be exempt.