Trump to announce ‘major' Chinese pharmaceutical tariffs
April 9 (UPI) -- Pharmaceuticals produced in China could become costlier after President Donald Trump announced his intention to impose a "major tariff on pharmaceuticals."
Trump said he would announce a major tariff on pharmaceuticals "very shortly" while addressing the National Republican Congressional Committee dinner Tuesday evening at the National Building Museum in Washington, D.C., The Hill reported.
"When they hear that, they will leave China," Trump said of pharmaceutical companies. "Most of their product is sold here, and they're going to be opening up their plants all over the place in our country."
China-based pharmaceutical companies became a significant supplier of drugs to the United States during the Biden administration.
Chinese-made pharmaceuticals accounted for $2.1 billion in U.S. domestic sales in 2020 but increased by nearly five times that amount to $10.3 billion in 2022, accordingto the Atlantic Council.
China's share of the U.S. drug market grew from less than 2.5% in 2020 to more than 6% two years later and ranks as the nation's fourth-largest foreign supplier of drugs behind Ireland, 19.8%; Germany, 10.8%; and Switzerland, 10.7%.
The Atlantic Council reported the top five types of drugs manufactured in China and sold in the United States in 2022 were:
Cancer treatments and immunosuppressives valued at $266.26 million.
Cardiovascular medicine valued at $209.81 million.
Pain relievers, fever reducers and anti-inflammatory medicines valued at $193.62 million.
Antibiotics valued at $146.88 million.
Cardiovascular medicine containing alkaloids and valued at $45 million.
Trump's pending announcement on China-produced drugs is intended to encourage drugmakers to move their operations to the United States.
The announcement also would occur after Trump announced a 90-day pause of recently implemented tariffs, except those in China.
Trump instead announced he would increase to 125% the tariffs on Chinese goods imported and sold in the United States after earlier announcing a 104% tariff on Chinese goods.
Some business analysts say it won't be easy for drugmakers to close shop in China and other nations and relocate to the United States, CNBC reported.
They say such a move also could disrupt the supply chain for drugs needed by medical patients.
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