‘Costs Will Skyrocket’: Trump Stuns With Promise to Put a 250% Tariff on Pharmaceuticals Made Overseas
AP Photo/Mark Schiefelbein
President Donald Trump sparked a wave of shock and frustration on Tuesday when he told CNBC he would add a 250% tariff on pharmaceuticals coming into the United States at some point during his term.
“But on pharmaceuticals, we’ll be putting an initially small tariff on pharmaceuticals. But in one year, one and a half years maximum, it’s gonna go to 150% and then it’s going to go to 250% because we want pharmaceuticals made in our country,” Trump said on the business network.
“And that’s not the CHIPS Act like Biden did because he didn’t know what he was doing where they gave billions of dollars to companies that had more money than they knew what to do with,” before one of the hosts redirected him.
Trump’s comments quickly went viral online and sparked criticism from many worried his policies would only further increase drug prices.
Sen. Raphael Warnock (D-GA) replied to the comments, “The President promised to lower the cost of prescription drugs. Who will pay for this massive new tax on medication? YOU will, every time you go to the pharmacy to fill your prescription. Another promise broken.”
Rep. Dwight Evans (D-PA) responded, HIGHER prescription-drug prices for you, while billionaires get another tax cut – that’s why I voted NO on the new Republican budget law & why I’m co-sponsoring @RepLindaSanchez’s bill to #TakeHisKeys & return tariff authority to Congress, where the Constitution says it belongs.”
Journalist Eric Levitz added, “On a gut level, it’s still hard to believe that investors have fully priced in the whole “the US is run by an actual mad man” thing.”
Below are some more reactions:
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