Trump’s New Tariffs: Pharmaceuticals in the Crosshairs
As the trade war between the United States and China continues to escalate, US President Donald Trump is preparing to launch a new wave of tariffs. This time, pharmaceuticals are high on the list of potential targets. Bloomberg’s Ashleigh Furlong reports.
Impact on the Pharmaceutical Industry
The proposed tariffs, which could reach up to 25%, would primarily affect drugs imported from China. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), about 20% of active pharmaceutical ingredients (APIs) and 40% of finished doses come from China.
Effect on Consumers
The American public could bear the brunt of these tariffs. Prices for prescription drugs have been a hot topic for years, and the potential for increased costs due to tariffs is a concern for many. The cost of drugs is a significant burden for many Americans, and any increase in price could have a substantial impact on individuals and families.
Effect on the World
The ripple effect of these tariffs could extend beyond the US and China. The World Health Organization (WHO) has warned that the tariffs could disrupt the global supply chain for essential medicines. Many countries rely on China for APIs and finished doses, and any disruption could lead to shortages and increased prices.
Additional Sources
- Bloomberg: Trump Said to Consider Tariffs on Drugs From China
- PhRMA: Statement on Potential Tariffs on Pharmaceutical Imports from China
- WHO: Statement on US-China Trade Dispute and Its Impact on Global Health
The proposed tariffs on pharmaceuticals are just one more chapter in the ongoing trade war between the US and China. While the specifics of the tariffs are still being worked out, one thing is clear: the potential impact on consumers, both in the US and around the world, could be significant.
Conclusion
As the trade war between the US and China continues, the potential for increased tariffs on pharmaceuticals is a cause for concern. The impact on the pharmaceutical industry, consumers, and the world as a whole could be substantial. While the details of the tariffs are still being worked out, it’s essential to stay informed and prepared for any potential changes.
Stay tuned for updates on this developing story.
