Trump threatens to impose up to 200% tariff on pharmaceuticals 'very soon'

President Donald Trump connected Tuesday threatened to enforce up to 200% tariffs connected pharmaceuticals imported into the U.S. "very soon." 

"They're going to beryllium tariffs astatine precise precocious rate, similar 200%," Trump said during a Cabinet meeting. 

But helium suggested that those levies would not spell into effect immediately, saying helium volition "give radical astir a year, twelvemonth and a half."

"We'll springiness them a definite play of clip to get their enactment together," Trump said, seemingly referring to drugmakers.

The president has repeatedly threatened and past changed people connected tariff proposals, truthful there's nary warrant helium volition acceptable pharmaceutical tariffs astatine that rate. Pharmaceutical stocks were mostly unchanged pursuing Trump's comments.

It is Trump's astir important remark connected pharmaceutical-specific tariffs since April, erstwhile his medication initiated a alleged Section 232 probe connected those products. That ineligible authorization allows the Secretary of Commerce to analyse the interaction of imports connected nationalist security.

Those planned tariffs would woody a long-awaited stroke to pharmaceutical companies, galore of which person pushed backmost and warned that the levies could thrust up costs, deter investments successful the U.S. and disrupt the cause proviso chain, putting patients astatine risk. The manufacture is already navigating the fallout from Trump's drug pricing policies, which drugmakers reason endanger some their bottommost lines and their capableness to put successful probe and development.

Trump has said tariffs volition incentivize cause companies to determination manufacturing operations to the U.S. Eli Lilly, Johnson & Johnson, AbbVie and others are already putting much wealth into the U.S. aft home cause manufacturing has shrunk dramatically implicit the past fewer decades.