Trump imposed a 100 percent tariff on certain imported medicines.

US President Donald Trump has imposed 100% tariff rates on certain imported pharmaceutical products. The White House announced this.

 

It is noted that this tariff applies to products from countries that do not have a trade agreement with the US.

 

According to the White House, the tariffs apply to patented pharmaceutical products and their components. The tariffs will take effect after 120 days for large companies and after 180 days for small companies.

 

A 15% tariff will be applied to pharmaceutical products imported from the European Union, Japan, Korea, Switzerland, and Liechtenstein. If the product is manufactured in the United Kingdom, the tariffs will be lower, as this country has signed a cooperation agreement with the US in this field.

 

Furthermore, tariffs will not be imposed on companies that have reached an agreement with the US Department of Health and Human Services on "pricing under the most favorable conditions regime" and with the Department of Commerce on "returning production to the country." A 20% tariff will apply only to companies that have an agreement with the Department of Commerce.

 

This decision was made under Section 232 of the 1962 Trade Expansion Act following a national security review. According to the review results, it was determined that the volume of imports of patented pharmaceuticals and their related components poses a threat to US national security.

 

Previously, last fall, the US had also increased import tariffs for foreign pharmaceutical companies if they did not establish production within the country's territory.

 

Lowering drug prices was mentioned as one of the priority areas in Donald Trump's election campaign platform.