Wednesday, April 9, 2025 - President Donald Trump has disclosed that the U.S. will soon announce a "major" tariff on pharmaceutical imports coming from foreign countries.
Speaking at an event at the National Republican
Congressional Committee on Tuesday, Trump said the tariff will incentivize drug
companies to move their operations to the U.S.
"We're going to be announcing very shortly a major
tariff on pharmaceuticals . . . when they hear that they will leave China, they
will leave other places because . . . most of their product is sold
here," Trump said during a National Republican Congressional
Committee dinner.
Trump exempted pharmaceuticals from the big
round of reciprocal tariffs he announced last week, but has been
suggesting for months that the drug industry will be targeted
In one exchange with reporters in February, the
president said tariffs on imported drugs would likely start around 25% and
could climb higher.
A tariff on drug imports will increase consumer prices,
analysts and academics have warned
Trump also claimed on Tuesday that tariffs will benefit
Republicans in the 2026 midterm elections.
The tariffs have roiled the stock market and heightened
concerns about an economic downturn, which could be damaging for Republicans as
the party in power
"We're going to win the midterm elections and we're
going to have a tremendous, thundering landslide; I really believe that . . .
and I really think we're helped a lot by the tariff situation that's going
on," Trump said.
"Which is a good situation, not a bad, it's great. It's
going to be legendary, you watch. Legendary in a positive way."
The White House said Tuesday that tariffs on
Chinese goods will go to 104% starting Wednesday.
Trump announced an additional 50% tariff on China, on top of
an initial 20% levy and a 34% reciprocal tariff, after China responded to the
reciprocal tariff with its own 34% tax.
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