President Donald Trump has announced a new wave of tariffs, including a one hundred percent levy on branded or patented drug imports from first October, unless a company is building a factory in the US.
The US president said as he unveiled the industry-focused measures that Washington will also impose a twenty-five percent import tax on all heavy-duty trucks and fifty percent levies on kitchen and bathroom cabinets.
Trump wrote on his Truth Social platform, citing the need to protect US manufacturers, that the reason for the new tariffs is the large-scale flooding of the products into the United States by other outside countries.
The announcements come despite calls from US businesses for the White House to not impose further tariffs.
The new tariffs could impact major producers of branded pharmaceuticals, including the UK, Ireland, Germany, Switzerland, and Japan.
According to the United Nations, the UK exported more than six billion dollars’ worth of pharmaceutical products to the US last year.
