U.S. to impose 100% tariff on branded, patented drugs unless firms build plants locally, Trump says

KEY POINTS

The U.S. will impose a 100% tariff on “all any branded or patented Pharmaceutical Product” entering the country from Oct. 1.

The measure will not apply to companies building drug manufacturing plants in the U.S., Trump added.

He said that the exemption covers projects where construction has started, including sites that have broken ground or are under construction.