Trump threatens pharmaceutical tariffs of up to 250 percent
Share this @internewscast.com


(The Hill) – President Trump on Tuesday threatened to impose tariffs of up to 250 percent on pharmaceutical imports, the highest rate he’s discussed to date. 

“We’ll be putting a, initially small tariff on pharmaceuticals,” Trump told CNBC’s “Squawk Box.” 

“But in one year, one in a half years maximum, it’s going to go to 150 percent, and then it’s going to go to 250 percent, because we want pharmaceuticals made in our country,” Trump said. 

The White House previously pledged to impose steep tariffs on pharmaceuticals and later backed off, including last month when he floated up to 200 percent tariffs.

Drug companies have said the industry is bracing for chaos in case Trump follows through on his threats. Tariffs would disrupt international supply chains, forcing companies to decide whether to pass on increased costs to patients and exacerbate existing drug shortages. 

The White House in April launched an investigation into the effects of importing pharmaceuticals on national security. 

The administration wants more drug companies to onshore their manufacturing, but experts said such a process would take years, while the pain from tariffs could be much more immediate.   

In recent months, major drug companies have been pouring money into domestic manufacturing in response to tariff threats. 

AstraZeneca is going to spend $50 billion to expand its drug manufacturing in the U.S. Johnson & Johnson said it is investing $55 billion into U.S.-based research and development, while Eli Lilly said it will spend $27 billion to build four new manufacturing plants in the U.S. 

Share this @internewscast.com
You May Also Like

Psi Omega Chapter of Omega Psi Phi Fraternity, Inc. Marks a Century of Service

AUGUSTA, Ga. () – The Psi Omega Chapter of Omega Psi Phi…

Paramount CEO Praises South Park Creators for Their Inclusive Satire

(The Hill) — Paramount’s new CEO David Ellison praised “South Park” creators…

Severe Weather in Nebraska: One Fatality, Injuries, and Hundreds of Inmates Relocated

OMAHA, Neb. (AP) Strong storms before dawn Saturday in eastern Nebraska killed…

Sullivan East Football Aims for a Comeback as New Season Approaches

BLUFF CITY, Tenn. — High schools across the region are gearing up…

CDC Shooter Attributes Depression to COVID Vaccine; Union Calls for a Statement to Counter Misinformation

A man from Georgia, who attributed his depression and suicidal thoughts to…

KCK Police Seek Help Locating Missing, ‘At-Risk’ 22-Year-Old Woman

KANSAS CITY, Mo. — An investigation is underway after a 22-year-old woman…

CDC Shooting Suspect Cites COVID Vaccine As Cause for Depression; Union Calls for Action Against False Information

A man from Georgia, who previously blamed the COVID-19 vaccine for his…

26 Gaza Aid Workers Killed Amid Rising Criticism of Netanyahu’s War Expansion

DEIR EL-BALAH – Israeli Prime Minister Benjamin Netanyahu says Israel “has no…

TikTok Users Alerted to Possible Dangers of ‘Feel Free’ Herbal Tonic

Misha Brown was entering his neighborhood Circle K in Austin, Texas when…

American Red Cross Establishes Shelters for Colorado Wildfire Victims

​​​​​​DENVER (KDVR) The American Red Cross of Colorado and Wyoming has been…

Is Crime on the Rise or Decline in Tennessee? Discover the Latest FBI Statistics

NASHVILLE, Tenn. (WKRN) — The Federal Bureau of Investigation updated its national…

Beyond the Game: Football Meets Anti-Violence Initiatives in Champaign

CHAMPAIGN, Ill. (WCIA) — With football season just around the corner, two…