U.S. president Donald Trump's announcement of "very, very high rate" of tariffs on pharmaceutical goods has sent ripples through Canberra, with both sides of politics expressing their concern.

Canberra

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

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The US government has announced plans to impose tariffs as high as 200% on imported pharmaceuticals, a move that could take effect in at least a year. This proposal has raised concerns in Australia, which exports over $2 billion worth of pharmaceuticals to the US annually, making it the country's third-largest export to the US after gold and beef. Industry leaders warn that such tariffs could lead to companies reconsidering the launch of new medicines in Australia, potentially impacting patient access.

The announcement follows ongoing tensions over Australia's Pharmaceutical Benefits Scheme (PBS), which US companies argue disadvantages them in the market. However, the Australian government has stated it will not use the PBS as leverage in tariff negotiations, emphasizing its commitment to maintaining the scheme for the benefit of Australians. Both major political parties in Australia have expressed support for this position and are seeking further discussions with US officials.

Australia responds to proposed U.S. tariffs on pharma imports

allowing cameras into his cabinet meeting to broadcast another tariff bombshell. If they have to bring the pharmaceuticals into the country, they're going to be tariffed at a very, very high rate, like 200%. It won't happen for at least a year, but the prospect has sent ripples through Canberra. We think that these tariffs inject an unnecessary element of uncertainty, unpredictability and volatility. This is not okay and the fact that the US are looking to do this is unacceptable. Australia sent more than $2 billion worth of pharmaceuticals to the US last year, the third largest export to the country behind gold and beef. It's predominantly plasma and blood products, some vaccines and toxins. And industry says patients here could be impacted if the tariffs are imposed. Companies may make decisions not to launch new medicines in Australia. The president has also flagged a new 50% duty on copper imports, but it's a much smaller market. I think uncertainty is difficult for business. Donald Trump placing pharmaceuticals on his tariff agenda follows a separate push by US industry giants to take action against Australia's PBS. American companies argue the scheme unfairly prices them out of the market. But the federal government says the PBS won't be used as a bargaining chip in tariff negotiations. This Albanese Labor government is about strengthening the PBS in the interests of our people, not weakening it in the interests of American multinationals. We'll support the government in not making any changes to that. Bipartisanship as both sides hope for in-person talks with the president to hash it out. Lucy Gray, 10 News.

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Australia responds to proposed U.S. tariffs on pharma imports

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