Overview

• President Trump said he will impose up to 200 percent tariffs on imported pharmaceuticals after a one- to 1.5-year grace period for companies to shift production back to the U.S.
• A Section 232 national security probe launched in April will conclude with a Commerce Department report due at the end of July that will shape final tariff recommendations.
• Pharmaceutical industry groups caution that sudden, steep duties could create supply shortages, higher costs for patients.
• Shares in Pfizer, Eli Lilly and other U.S. drugmakers dipped following the president’s comments at the Cabinet meeting.
• Australia’s government has urgently sought clarification on the proposed drug tariff after its treasurer described the measure as a very concerning development.