Imported branded drugs from abroad to face one hundred per cent tariffs- Trump announced
(MENAFN) US President Donald Trump revealed new tariffs on Thursday, targeting branded and patented pharmaceuticals manufactured abroad. Starting October 1, any such drug imported into the United States will face a 100% customs duty unless the producing company has already begun construction of a domestic manufacturing facility.
The move follows a national security review launched by the US Commerce Department in April, which examined the country’s reliance on foreign-produced medications.
Last year, the United States imported around $212 billion in pharmaceutical products, making them the fifth-largest category of imports, according to trade data. Meanwhile, US exports of pharmaceuticals reached approximately $94.4 billion. Department of Commerce data further indicated that medical and pharmaceutical imports totaled $233 billion, compared with $82.8 billion in exports.
Ireland was the leading source of imported pharmaceuticals at $50.3 billion, followed by Switzerland ($19 billion), Germany ($17.1 billion), Singapore ($15.3 billion), and India ($12.5 billion). Major recipients of US pharmaceutical exports included China, the Netherlands, Japan, Germany, and Canada.
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