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Trump Announces New Tariffs on Pharmaceuticals, Critical Metals
(MENAFN) US President Donald Trump has opted to enforce fresh tariffs on imported pharmaceutical products and essential metals in an effort to reinforce "national security and domestic supply chains."
The administration imposed a 100% tariff on imported patented pharmaceutical products and ingredients, the White House declared on Thursday.
Imports of pharmaceutical products from the EU, Japan, South Korea, Switzerland, and Liechtenstein are subject to a reduced tariff rate of 15%. Meanwhile, pharmaceutical firms that enter into agreements to manufacture solely within the United States face a 20% tariff.
Certain categories of medicine, including generic pharmaceuticals, biosimilars, and orphan drugs, were exempted from these immediate trade restrictions, according to officials.
In a related action, the administration announced a uniform 50% tariff on items composed entirely or almost entirely of steel, aluminum, and copper. Items derived from these three critical metals were assigned a 25% flat import levy.
Additionally, the government imposed a temporary 15% tariff on select industrial and electrical grid equipment that heavily relies on metals, set to remain in effect until 2027.
The administration imposed a 100% tariff on imported patented pharmaceutical products and ingredients, the White House declared on Thursday.
Imports of pharmaceutical products from the EU, Japan, South Korea, Switzerland, and Liechtenstein are subject to a reduced tariff rate of 15%. Meanwhile, pharmaceutical firms that enter into agreements to manufacture solely within the United States face a 20% tariff.
Certain categories of medicine, including generic pharmaceuticals, biosimilars, and orphan drugs, were exempted from these immediate trade restrictions, according to officials.
In a related action, the administration announced a uniform 50% tariff on items composed entirely or almost entirely of steel, aluminum, and copper. Items derived from these three critical metals were assigned a 25% flat import levy.
Additionally, the government imposed a temporary 15% tariff on select industrial and electrical grid equipment that heavily relies on metals, set to remain in effect until 2027.
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