NEW YORK, April 3 — United States (US) President Donald Trump imposed a 100 per cent ad valorem tariff on imports of certain patented pharmaceuticals and associated pharmaceutical ingredients.
Xinhua reported that in an executive order signed on Thursday, he said such imports are "in such quantities and under such circumstances as to threaten to impair the national security of the United States."
The tariffs will take effect on or after 12.01am Eastern Daylight Time on July 31.
According to the order, the tariffs will be 20 per cent for products of companies that have, or that are likely soon to have, onshoring plans approved by the US Secretary of Commerce, but will increase to 100 per cent on April 2, 2030.
Japan, the European Union, the Republic of Korea, Switzerland, and Liechtenstein, which have struck trade deals with the US, will face a 15 per cent tariff, and the United Kingdom will face a 10 per cent tariff.
Generic pharmaceutical products, biosimilars, and related ingredients have been exempted from tariffs at this time, including nuclear medicines, plasma-derived therapies, fertility treatments, and cell and gene therapies.
