Donald Trump on April 8 announced that the US would soon announce a “major” tariff on pharmaceutical imports.
India is one of the largest exporters of pharmaceuticals to the US and the planned US tariffs on drugs will certainly impact India's large pharmaceutical industry.
Trump said on Tuesday at a fundraising gala for the Republican party , without providing details on the planned tariffs. “We're gonna tariff our pharmaceuticals ... we're going to be announcing very shortly a major tariff on pharmaceuticals.”
“Once we do that, they’re going to come rushing back into our country, because we’re the big market,” Trump added. “The advantage we have over everybody is that we’re the big market.” Trump said the tariff would incentivise drug companies to move their operations to the US.
The pharma sector was previously spared from the sweeping tariffs announced last week, which come into effect on April 9.
