Trump Floats 250% Tariffs for Big Pharma
Trump Floats 250% Tariffs for Big Pharma
The News
President Trump plans to levy a stepwise series of pharmaceutical tariffs that could reach 150% within a year and a half, then rise to 250%, he said in a wide-ranging interview on CNBC Tuesday.
It's the highest tariff rate the president has threatened the industry with to date while he also presses major manufacturers to commit to a "most-favored nation" pricing policy.
"On pharmaceuticals, we'll be putting an initially small tariff," Trump told CNBC.
"But within one year, one-and-a-half years maximum, it's going to go to 150%, and then it's going to go to 250% because we want pharmaceuticals made in our country," he said.
U.S. imports plunged again in June, largely due to a $9.6 billion decline in drug preparations, according to the new Census data.
Reactions
A PhRMA spokesperson wouldn't comment on Trump's latest remarks, but the group has said tariffs on medicines would be "counterproductive."
What's Next
An announcement is planned for as soon as this week, he said.
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Trump previously threatened tariffs of up to 200%.
A number of drugmakers, including Eli Lilly, AstraZeneca, Johnson & Johnson and Roche, have made commitments to build up more U.S. manufacturing capability. But experts say it can take years to build new plants and shift product lines.
It was the third consecutive month U.S.-bound pharma shipments fell. The dropoff began in April after there was a massive surge in March over tariff fears.
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