Trump Announces Upcoming 'Major Tariffs' on Foreign-Made Medicines

President Donald Trump He stated on Tuesday that his administration will shortly introduce tariffs on medicines imported from abroad, anticipating that pharmaceutical firms would shift their production activities to the United States.

Very soon we'll announce significant tariffs on pharmaceutical products...when they learn about this, they will exit China and other locations since...a large portion of their goods are sold here. Trump mentioned at a National Republican Congressional Committee banquet.

Trump exempted pharmaceuticals from the large-scale retaliatory tariffs He revealed last week, though he had been hinting at it for months, that the pharmaceutical sector would face action.

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In one exchange In February, when speaking with reporters, the president mentioned that tariffs on imported medications might initially be set at approximately 25%, potentially increasing further afterward.

Analysts and scholars have cautioned that imposing a tariff on imported drugs will lead to higher costs for consumers.

On Tuesday, Trump asserted that tariffs would prove advantageous for Republicans during the 2026 midterm elections. However, these tariffs have caused volatility in the stock market and increased worries about an impending economic decline, potentially harming Republicans since they are currently the ruling party.

We’re set to win the midterm elections with a massive, overwhelming landslide, and I genuinely believe this will happen partly due to how the current tariff situation is benefiting us. Trump said This is a favorable circumstance, not an unfavorable one; it’s excellent. It will become legendary, you’ll see. Truly remarkable in a positive sense.

The White House said Tuesday Tariffs on Chinese products are set to increase to 104% beginning this Wednesday. Following China’s imposition of a 34% tax in response to their reciprocal tariff, Trump declared an extra 50% duty on imports from China, adding onto the original 20% charge and the corresponding 34% tariff.

Contributing: Ken Alltucker

The article initially appeared on USA TODAY: Trump says 'major tariff' coming soon on foreign pharmaceuticals

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