The Associated Press reported President Donald Trump signed an executive order on Thursday aimed at the pharmaceutical sector.
The tariffs could be up to 100% on patented drugs that have not reached a deal with the federal government.
Trump wants pharmaceutical companies to sign a “most favored nation” deal and to begin production of patented drugs and ingredients on U.S. soil. If they do, they will endure no tariffs.
Companies who do not sign a deal but are producing materials in the U.S. could experience a 20% tariff, which would increase to 100% after four years.
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The tariffs won’t kick in for 120 days and 180 days, depending on the company’s size.
