Trump Declares Doubling of Tariffs on Imported Pharmaceuticals
President Trump made an announcement on Thursday, stating that the U.S. will impose a 100% tariff on all branded and patented pharmaceutical products starting from October 1. This move will effectively double the import costs for American consumers. However, there is an exemption in place for companies that are actively building manufacturing plants within the United States.
This tariff imposition affects approximately $213 billion worth of pharmaceutical imports annually. Interestingly, Asia accounts for over 20% of U.S. drug imports by value.
It’s important to note that generic drugs, which represent 90% of prescriptions filled in the U.S., are excluded from the new tariffs.
- Announcement Date: Thursday
- Effective Date: October 1
- Exemption: Companies building manufacturing plants in the U.S.
- Affected Imports: $213 billion worth annually
- Exclusions: Generic drugs
Source: CNBC
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