Trump to impose 100 % tariff on drugs not manufactured in the US
US President Donald Trump announced a 100 % tariff on brand-name drugs that are not manufactured in the country. Pharmaceutical products from companies that already have manufacturing plants under construction will be exempt
Pharmaceutical products not manufactured in the United States will be subject to a 100 % tariff, according to a recent announcement by President Donald Trump.
The measure will apply to brand-name or patented pharmaceutical products starting October 1, “unless a company is building a manufacturing plant in the United States.”
That is, the tax will not apply to “pharmaceutical imports if companies have begun construction of a manufacturing plant in the United States or if such a plant is under construction.”
The new tax announcement made last Thursday by Trump also included a 25 % tariff on imported heavy trucks, “kitchen cabinets and bathroom vanities will have a 50 % tax, and imports of upholstered furniture will have a 30 % tax.”
It is important to clarify that Trump’s tariff policy is based on “Section 232 of the Trade Expansion Act, which allows the government to impose tariffs without congressional intervention if imports are considered a threat to national security. This approach has already been used to impose tariffs on imports of automobiles, copper, steel, and aluminum.”
M.Pino
Source: bloomberglinea
(Reference image source: Roberto Sorin on Unsplash)
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