"The posts on his social media site showed that Mr Trump's devotion to tariffs did not end with the trade frameworks and import taxes that were launched in August, a reflection of the president's confidence that taxes will help to reduce the government's budget deficit while increasing domestic manufacturing. The additional tariffs risk intensifying inflation that is already elevated, as well as slowing economic growth, as employers getting used to Mr Trump's previous import taxes grapple with new levels of uncertainty."
"Mr Trump said on Truth Social that the pharmaceutical tariffs would not apply to companies that are building manufacturing plants in the United States, which he defined as either "breaking ground" or being "under construction". It was unclear how the tariffs would apply to companies that already have factories in the US. In 2024, America imported nearly 233 billion dollars in pharmaceutical and medicinal products, according to the Census Bureau."
New tariffs target imported pharmaceuticals and a variety of consumer and industrial goods, including 50pc on kitchen cabinets and bathroom vanities, 30pc on upholstered furniture and 25pc on heavy trucks. The measures follow trade frameworks and import taxes launched in August and reflect a policy view that tariffs can reduce the budget deficit while increasing domestic manufacturing. The additional tariffs risk intensifying already-elevated inflation and slowing economic growth as employers adjust to renewed import tax uncertainty. Pharmaceutical tariffs were said to exclude companies building US manufacturing plants (defined as "breaking ground" or "under construction"), but application to existing factories is unclear. Ireland, a major EU pharma exporter, faces further uncertainty as US pharmaceutical imports reached nearly $233bn in 2024 and potential price increases could raise healthcare costs for consumers.
Read at Irish Independent
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