President Donald Trump on Tuesday said the US will soon announce a “major” tariff on pharmaceutical imports.
Speaking to an event at the National Republican Congressional Committee, Trump said the tariff will incentivise drug companies to move their operations to the US.
“We are going to be announcing very shortly a major tariff on pharmaceuticals,” Trump said, without providing details on the planned levy.
“Once we do that, they’re going to come rushing back into our country, because we’re the big market,” Trump said. “The advantage we have over everybody is that we’re the big market.”
Trump has long bemoaned a lack of domestic pharmaceutical production and has repeatedly promised tariffs to bring more capacity into the country.
On Tuesday, European pharmaceutical companies warned the European Commission president that US tariffs would expedite the industry’s shift away from Europe and towards the United States.
Comments are closed.