Trump gives drugmakers 2 years before 200% tariffs

www.offthepress.com

President Donald Trump said on Tuesday all generic drugs being ​brought into the U.S. will continue having ‌a tariff of 0% for two years starting from August 1, after which the tariff rate will be raised ​to 100% for one year and to ​200% thereafter.

  • “This is done in order to RESHORE ⁠Generic Pharmaceutical Production into America, with a penalty ​to those Companies that decide not to build ​Plant and Equipment within the stated period of time given to them,” Trump said in a post on Truth Social.

  • Trump ​has been pressuring drugmakers through his most-favored-nation drug ​pricing policy to lower prices to what people pay in ‌other ⁠high-income countries.

  • More than 90% of medicines sold in the U.S. are generics, according to the U.S. Food and Drug Administration.

  • The policy on patented, branded, or ​innovative drugs ​will remain ⁠unchanged, Trump said.

  • The world’s biggest drugmakers signed deals with the U.S. government last year ​that exempted billions of dollars of drugs ​from ⁠tariffs.
  • Trump signed an executive order in April imposing 100% tariffs on branded pharmaceuticals imported into the U.S. unless ⁠manufacturers ​agree to government drug pricing ​deals or commit to making their products domestically.

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    Tagged: Economy BACK TO HOMEPAGE