President Donald Trump announced a phased tariff schedule for imported generic pharmaceutical drugs to bolster US production and push drugmakers to move production onshore. Starting August 1, these drugs will have a 0% tariff for two years, followed by a 100% tariff for one year and a 200% tariff thereafter. Other reports specify that a 100% tariff on imported generic drugs is set to take effect in August 2028. Plans for patented drugs remain unchanged, though the administration has previously mentioned steep pharmaceutical tariffs without following through.
The administration is also preparing to impose new tariffs of at least 10% on 60 trading partners by Friday. These levies target economies for their alleged failures to act against forced labor and lax forced-labor standards.
U.S. Trade Representative Jamieson Greer hinted that these new tariffs will ensure the administration's tariff regime remains intact as stopgap 10% global duties expire this Friday. Analysts expect the tariffs related to forced labor concerns to replace the 10% global duty.