Labor is urgently addressing Donald Trump's announced tariffs on drug imports to the US, which are set at 200%. This proposal raises serious concerns for the Australian economy as the US pharmaceutical industry pressures for price control changes in other countries like Australia. Trump indicated a transition period of at least one year could precede these tariffs, which would particularly affect Australia's substantial pharmaceutical exports worth $2.5bn annually. Lobby groups in Washington are pushing for retaliation against Australia's pharmaceutical pricing practices under the PBS scheme.
The US president announced that a transition period for a 200% tariff on drug imports will last at least a year, impacting Australia significantly.
Trump's announcement on tariffs follows pressure from the US pharmaceutical industry regarding price controls on drugs in countries like Australia.
Australia exports about $2.5bn in pharmaceutical products to the US every year, which constitutes about 40% of its global medicine exports.
Lobby groups in Washington are intensifying efforts to retaliate against Australia's pricing and approval practices related to pharmaceuticals.
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