From July 31, the United States will impose up to 100% tariffs on pharmaceuticals coming into the US. Some Australian-made exports look set to pay that highest rate, while some other countries – including the UK, Japan and the European Union – have negotiated lower rates.
The new US tariffs are not specific to Australian-made products. However, the US pharmaceutical industry has long called for tougher tariffs on Australia because of the Pharmaceutical Benefits Scheme (PBS), a subsidised scheme that supports cheaper medicines for Australians.
Following the announcement of the new tariffs, Health Minister Mark Butler said Australia’s position hasn’t changed, promising:
