President Donald Trump signed an executive order modifying the scope of tariffs for certain imports, including pharmaceuticals, yet some of the proposed changes are dependent on the U.S. reaching broader trade agreements, according to the White House.
Here are five notes:
- President Trump added pharmaceuticals undergoing pending Section 232 investigations to his executive order, exempting them from reciprocal tariffs, according to an Sept. 5 White House fact sheet.
- The executive order also outlines products eligible for lower tariffs if foreign partners strike trade deals with the U.S., including certain generic pharmaceuticals and their ingredients.
- Tariff reductions on listed pharmaceutical products will only be granted a reduction if a trading partner signs a deal that helps reduce the U.S. trade deficit and addresses broader trade concerns.
- President Trump has authorized the Commerce secretary and the U.S. trade representative to negotiate and implement agreements that could trigger tariff reductions.
- The move builds on a series of tariff actions taken by the Trump administration. This includes a 20% tariff on China, a 25% tariff on Mexico and a 35% tariff on Canada. Tariffs have also been imposed on automobiles, copper, steel and aluminum.
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