Trump orders new tariffs on pharmaceutical products, metals
Trump administration implements a 100 percent tariff on imported patented pharmaceutical products and ingredients, and a flat 50 percent tariff on articles made entirely or almost entirely of steel, aluminium, and copper.
US President Donald Trump has decided to implement new tariffs on imported pharmaceutical products and critical metals to strengthen national security and domestic supply chains.
The US administration implemented a 100 percent tariff on imported patented pharmaceutical products and ingredients, White House stated on Thursday.
This tariff rate dropped to 15 percent for pharmaceutical imports originating from the EU, Japan, South Korea, Switzerland and Liechtenstein.
Pharmaceutical companies faced a 20 percent tariff if they only signed domestic manufacturing agreements with the government.
Officials exempted generic pharmaceuticals, biosimilars and orphan drugs from these immediate trade measures.
Metal duties
In a parallel move, the administration introduced a flat 50 percent tariff on articles made entirely or almost entirely of steel, aluminium, and copper.
Derivative articles substantially containing these three strategic metals received a flat 25 percent import penalty.
The government applied a temporary 15 percent tariff on specific metal-intensive industrial and electrical grid equipment until 2027.
Foreign-manufactured goods manufactured exclusively with American metals qualified for a reduced 10 percent tariff rate.
Products containing 15 percent or less steel, aluminium, or copper completely escaped these new trade tariffs.