On July 8, US President Donald Trump shook the biopharmaceutical sector by announcing a tariff of up to 200% on pharmaceuticals, which would take effect “very soon.” 80% of prescription drugs sold in the US are made abroad, a statistic the President wants to flip on its head.
Yet the new pharma trade policy isn’t as it appears to be. In a July 8 White House cabinet meeting press event, Trump changed the timeline for the new tariffs to “about a year, year and a half.” After the meeting, Commerce Secretary Howard Lutnick said that more information on the new tariffs “will come at the end of the month.”
