Trump to impose 100% tariff on imported drugs from October 1
Trump to impose 100% tariff on imported branded and patented drugs from Oct 1, unless companies build factories in the US.
President Donald Trump announced on Thursday that the United States will impose a 100% tariff on all imported branded and patented pharmaceutical products starting October 1, unless companies build factories in the country.
According to CNBC, Trump said the exemption would apply to firms that have already begun or are in the process of constructing drug manufacturing plants in the US.
“There will, therefore, be no Tariff on these Pharmaceutical Products if construction has started,” Trump said in a post on Truth Social.
The announcement follows Trump’s earlier pledge to levy a 25% tariff on imported heavy trucks and a 50% tariff on “kitchen cabinets, bathroom vanities, and all related products,” also beginning on October 1.
In August, Trump told CNBC’s Squawk Box that drug import tariffs could eventually rise as high as 250%, the maximum rate he has threatened.
He said initial rates would be “modest,” but within a year to a year and a half they could escalate to 150% and later to 250%.
