Washington: U.S. President Donald Trump has declared that, effective October 1, a 100 percent tariff will be imposed on all branded and patented medicines that are not manufactured domestically. This move is expected to deal a significant blow to pharmaceutical companies from India and South Korea, who are major exporters of such drugs to the U.S. market.
In addition to medicines, the administration plans to impose hefty tariffs on imported heavy trucks and domestic furniture, citing national security concerns as the primary justification for these measures.
President Trump emphasized that these steps are crucial to safeguard America’s economic interests and strengthen national security by encouraging domestic production.
The announcement has already stirred reactions from affected industries and international trade partners, who are closely monitoring the implications of these tariffs on global trade dynamics.
