Topline
President Donald Trump suggested Tuesday his administration intends to impose a 200% tariff rate on pharmaceutical imports into the U.S., which would take effect in a year, a major fee that could affect some $200 billion in imports and raise prices on Americans’ medications if it takes effect.
President Donald Trump speaks during a cabinet meeting at the White House on July 8.
Trump said at a Cabinet meeting his administration intends to make an announcement “very soon” on pharmaceutical tariffs.
The proposal would give companies “about a year” to bring their manufacturing to the U.S. before the tariff is levied, which Trump suggested would be approximately 200%.
Pharmaceuticals are currently exempted from Trump’s sweeping “Liberation Day” tariffs on nearly all countries, though the president had previously threatened that he could impose additional tariffs on the sector.
If implemented, a sweeping tariff on pharmaceuticals could impact billions in imports: The U.S. imported $212 billion in pharmaceuticals in 2024, making it the 5th most imported product.
Trump also announced a 50% tariff on imports of copper Tuesday and suggested there could be more tariffs coming on specific products, such as semiconductor chips.
It’s unclear when exactly the Trump administration could formally announce any pharmaceutical tariffs, and when they could take effect, given Trump suggesting there would be a year-long grace period first for manufacturing to move to the U.S.
This story is breaking and will be updated.