Australia Seeks Clarity on Trump's Pharmaceutical Tariff Threat

Australia is racing to comprehend U.S. President Donald Trump's announcement of soaring tariffs reaching up to 200% on pharmaceutical imports, according to Treasurer Jim Chalmers.

During a recent cabinet meeting in Washington, Trump proposed tariffs not just on pharmaceuticals but also a 50% increase on copper imports. While copper holds less significance for Australian exports to the U.S., the pharmaceutical industry stands more vulnerable, a point underscored by Chalmers.

Standing firm, Chalmers insisted that the Pharmaceutical Benefits Scheme, a key health subsidy program, won't be compromised in negotiations, despite pressure from U.S. lobbyists deeming Australia's pricing regime as discriminatory. Australia exports around A$2.1 billion in pharmaceuticals to the U.S. yearly, heightening the stakes of this international policy move.

(With inputs from agencies.)