Trump admin reportedly backs off on pharma tariffs
The Trump administration will not be imposing tariffs on pharmaceutical companies by the deadline it had initially given them, a White House official told STAT.
Last week, President Trump announced on Truth Social that starting on October 1, there would be a 100% tariff on patented, branded pharmaceuticals “unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America.” As of October 1, those tariffs have not gone into effect and it’s unclear when they will, according to STAT.
Drugmakers were already rallying following a deal struck between Pfizer and the administration in which it pledged $70 billion in new investments and lower drug prices on some medications. Considering most major drugmakers have announced new investments in the US and have lower prices via direct-to-consumer platforms, it appeared most major drugmakers could avoid the import taxes.
Major drugmakers like Eli Lilly, Amgen, Roche, and GSK were up on Wednesday.
Drugmakers were already rallying following a deal struck between Pfizer and the administration in which it pledged $70 billion in new investments and lower drug prices on some medications. Considering most major drugmakers have announced new investments in the US and have lower prices via direct-to-consumer platforms, it appeared most major drugmakers could avoid the import taxes.
Major drugmakers like Eli Lilly, Amgen, Roche, and GSK were up on Wednesday.
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