Trump: Pharmaceutical tariffs coming in 2 weeks – Washington Examiner
President donald Trump announced plans to unveil new tariffs on imported pharmaceutical products in the United States within the next two weeks. This move is part of his broader tariff agenda,which has had significant impacts on the global economy. Previously, Trump implemented a 10% flat tariff on all trade partners and specific tariffs targeting goods considered vital to national security. Even though he temporarily paused certain reciprocal tariff rates in April to explore new trade agreements, he hinted at introducing sector-specific tariffs soon, notably on pharmaceuticals. During a recent executive order signing in the Oval Office, Trump emphasized his administration’s commitment to fostering domestic drug manufacturing by streamlining federal regulations and mentioned upcoming healthcare initiatives. Experts estimate that a 25% tariff on foreign-produced drugs could increase U.S. drug prices by over $50 billion annually.
Trump says he’ll announce pharmaceutical tariffs ‘over the next two weeks’
President Donald Trump signaled that he plans to announce new tariffs on pharmaceutical products imported to the United States “over the next two weeks.”
Trump’s overriding tariff agenda has thrown a wrench into the global economy. In addition to steep sectoral tariffs targeting goods deemed “critical” to U.S. national security, the president has also placed a 10% flat tariff on all trade partners in April, on top of country-specific “reciprocal tariffs.”
Trump placed a temporary 90-day pause on the reciprocal tariff rates he announced in early April, allowing his administration months to seek out new, bilateral trade deals, but he’d also previously teased additional sectoral tariffs on pharmaceuticals and other goods to be announced in the near future.
And, when asked Monday evening, the president confirmed that it would be a matter of days before the pharmaceutical tariffs would be announced.
“I’ll announce it over the next two weeks,” he told reporters.
Trump’s comments came during a health-focused executive order signing ceremony in the Oval Office.
During that ceremony, the president took a slate of new executive actions, including signing separate orders blocking gain-of-function research in U.S. labs and directing the Food and Drug Administration to incentivize drugmakers to manufacture their products in the U.S. by streamlining federal regulations, in addition to hinting at additional healthcare actions next week.
“I think we’re going to have another conference next week, which will be very important, having to do with the world of medical, and I think we’ll be very productive,” Trump concluded.
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An analysis conducted in April by Ernst & Young found that the U.S. imported roughly $200 billion in pharmaceutical products in 2023. The analysis estimated that a 25% tariff on foreign-produced drugs would raise drug prices for Americans by more than $50 billion per year, an increase of nearly 13%.
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