President Donald Trump has revealed that the U.S. will soon impose a “major” tariff on pharmaceutical imports from foreign countries.
At an event hosted by the National Republican Congressional Committee on Tuesday, Trump explained that this tariff would encourage pharmaceutical companies to relocate their operations to the U.S. “We’re going to be announcing very shortly a major tariff on pharmaceuticals… when they hear that, they will leave China and other places because most of their product is sold here,” he said during the dinner.
While Trump had previously excluded pharmaceuticals from a round of tariffs announced last week, he has hinted for months that the drug industry would eventually be targeted. In February, he suggested that tariffs on imported drugs could start at 25% and potentially rise even higher.
However, analysts and economists have warned that such a tariff could increase consumer prices.
Trump also asserted on Tuesday that these tariffs would benefit Republicans in the 2026 midterm elections. “We’re going to win the midterm elections, and we’re going to have a tremendous, thundering landslide; I really believe that… and I think we’re helped a lot by the tariff situation that’s going on,” he said. “Which is a good situation, not a bad, it’s great. It’s going to be legendary; you watch. Legendary in a positive way.”
In addition, the White House confirmed on Tuesday that tariffs on Chinese goods would rise to 104% starting Wednesday. Trump had earlier announced a new 50% tariff on China, in addition to the initial 20% and a 34% reciprocal tariff, after China responded with its own 34% tax.