Trump’s overnight demand for 100% tariffs on pharmaceuticals will be ‘a meaningful commercial hit for U.S. consumers,’ top analyst says

Photo: WASHINGTON, DC - SEPTEMBER 25: U.S. President Donald Trump speaks in the Oval Office of the White House on September 25, 2025 in Washington, DC. Trump signed several executive orders, including approving a partial sale of TikTok's U.S. operations, following a 2024 law requiring parent company ByteDance to divest or face a ban. (Photo by Andrew Harnik/Getty Images) (Credit: Andrew Harnik—Getty Images)

• President Trump’s 100% tariff on imported branded pharmaceuticals is expected to hit American consumers and global drug stocks, but there are loopholes: Generic drugs are excluded, and there are exemptions for companies building U.S. plants. U.S. pharma stocks rose marginally on the news. Asian drug shares were hit hardest.

President Trump’s overnight decision to impose a 100% tariff on imported pharmaceuticals starting Oct. 1 is already whacking the stock prices of foreign drug companies as analysts struggle to digest how damaging the hit to the drug business will be.