US President Donald Trump has announced a 100 per cent tariff on branded and patented pharmaceutical imports from October 1, unless the manufacturer is building a plant on American soil.

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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 President has declared a 100% tariff on imported branded and patented pharmaceutical products, unless the manufacturing is done within the United States. This policy targets foreign pharmaceutical companies, including those from Australia, which exports nearly $5 billion in pharmaceuticals globally each year, with over $2 billion sent to the US. 

Australian pharmaceutical giant CSL, which operates a plant in Melbourne, reported a dip in share price following the announcement but stated it does not expect significant impact due to its substantial US manufacturing presence. The Australian government has reaffirmed its commitment to the Pharmaceutical Benefits Scheme (PBS) and indicated that patient costs for PBS medicines will remain unchanged. The issue is expected to be a major discussion point in the upcoming meeting between the Australian Prime Minister and the US President.

Trump imposes 100% tariffs on branded pharmaceuticals

Drugs manufactured in Australia exported to the world to save lives, but the US President has other ideas. I guess our job now is to protect the interests of Australians, most importantly Australian patients. Pharmaceuticals the latest focus of Donald Trump's tariff tirade, declaring a 100% duty on products entering the US. The US President made the announcement on his social media platform Truth Social, saying the hike would be imposed on any branded or patented pharmaceutical product unless a company is building their pharmaceutical manufacturing plant in America. There are some smaller companies that are starting their businesses and obviously trying to enter the US market who might be impacted by this. Australia's pharmaceutical exports are worth almost $5 billion annually. The US is our biggest market. The drugs we send to America worth more than $2 billion a year. Pharmaceutical giant CSL, which has a plant in Melbourne, saw its share price dip on the news but says it doesn't expect to be affected, saying in a statement, We have a very significant United States manufacturing footprint. We are already expanding our US capabilities to meet the growing demand for our therapies. Trump has previously singled out Australia over the PBS and the way it regulates drug prices. None of these latest announcements for the US administration make a jot of difference to our determination to protect the PBS. In terms of what patients access, they will pay the same copay for their medicines that they pay now if they are accessing medicines on the PBS. The issue is likely to be high on the agenda when the Prime Minister sits down for his first one-on-one meeting with the US President in Washington next month. Nicole Straughan, 10 News.

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Trump imposes 100% tariffs on branded pharmaceuticals

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