Trump Eyes Massive Tariffs on Pharmaceuticals Amid National Security Concerns
U.S. President Donald Trump plans to impose up to 200% tariffs on imported pharmaceuticals, citing national security concerns. The administration is investigating the industry's reliance on foreign production. Drugmakers argue tariffs could cause shortages and financial strain, affecting investment in U.S. manufacturing and future medical treatments.
In a bold move addressing national security, U.S. President Donald Trump announced plans to impose hefty tariffs on imported pharmaceuticals, potentially reaching 200%. Speaking at a White House cabinet meeting, Trump emphasized the need for drugmakers to adjust within a year or face substantial tariffs.
The administration launched an investigation into the pharmaceutical industry's foreign production reliance, which it deems a security threat. Commerce Secretary Howard Lutnick noted that specific policy announcements on pharmaceuticals and other imports like semiconductors are expected soon.
Pharmaceutical companies, concerned about the economic impact, have warned that tariffs could lead to drug shortages and limit access for patients. They have urged a phased approach, highlighting the challenges of relocating production back to the U.S. The market reacted with slight fluctuations, but recovered quickly.
(With inputs from agencies.)
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