Speaking at a National Republican Congressional Committee (NRCC) dinner earlier this week, President Trump identified the next target of his tariff strategy.
Trump essentially told Big Pharma it will no longer be able to rely on cheap foreign made drugs while shipping jobs overseas.
“We’re going to do something that we have to do: we’re going to tariff our pharmaceuticals,” Trump stated, adding that “once we do that, they’re going to come rushing back into our country, because we’re the big market.”
“The advantage we have over everybody is that we’re the big market,” Trump continued, adding that when big pharma hears they’re going to be subject to a major tariff, “they will leave China.”
“They will leave other places, because they have to sell — most of their product is sold here — and they’re going to be opening up their plants all over the place in our country,” Trump further urged.
“What other presidents allowed China to get away with is absolutely criminal,” Trump asserted, adding ”But I’m not like the other presidents — and it’s not going to happen under President Trump. It’s just not going to happen.”
TRUMP: “We're going to be announcing very shortly a major tariff on pharmaceuticals. When they hear that, they will leave China … and they're going to be opening up their plants all over the place in our country.” pic.twitter.com/HTUAoue062
— Chief Nerd (@TheChiefNerd) April 9, 2025
Trump had exempted pharma from the tariffs announced last week, but now it seems that is because he has something more special waiting for them.
Trump "Crushes" Big Pharma with tariff threat — Pfizer loses $5 billion in marcap.
— Peter St Onge, Ph.D. (@profstonge) April 9, 2025
Background is we import 32% of pharmaceuticals because other countries force pharma to produce in their countries to get access to their markets.
Meanwhile, Americans pay the highest pharma… pic.twitter.com/4K45hIvWFM
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