"In a post on his Truth Social platform on Thursday, Trump wrote that starting on October 1, the United States will impose a 100 percent tariff on any branded or patented pharmaceutical product. The 100 percent tariff means prices of imported pharmaceutical products will double for American importers and consumers. However, Trump said an exception would be made for any company which IS BUILDING their Pharmaceutical Manufacturing Plant in America. He explained that is building refers to breaking ground' and/or under construction'."
"Pharmaceutical products, including packaged medicaments; vaccines, toxins and cultures; and hormones, made up for about 5.6 percent of total US imports in 2023, worth around $158bn, according to the Observatory of Economic Complexity (OEC). During that year, the US imported $86.4bn worth of packaged medicaments. About 14.2 percent, or $12.3bn worth, of packaged medicaments came from Ireland; 14 percent, or $12.1bn worth, came from Switzerland; 13.4 percent ($11.6bn) from Germany; and 10.6 percent, or $9.2bn worth, came from India."
President Donald Trump announced that starting October 1 the United States will impose a 100 percent tariff on any branded or patented pharmaceutical product, effectively doubling prices for importers and consumers. An exception applies to companies that are 'building' pharmaceutical manufacturing plants in America, defined as breaking ground or under construction. The announcement did not clarify whether the new tariffs will be added to existing national tariffs. Pharmaceutical products comprised about 5.6 percent of US imports in 2023, valued near $158 billion, including $86.4 billion of packaged medicaments and $65.1 billion of vaccines and related products, with large shares from Ireland, Switzerland, Germany and India.
Read at www.aljazeera.com
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