President Donald Trump said on Tuesday all generic drugs being brought into the U.S. will continue having a tariff of 0% for two years starting from August 1, after which the tariff rate will be raised to 100% for one year and to 200% thereafter.
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“This is done in order to RESHORE Generic Pharmaceutical Production into America, with a penalty to those Companies that decide not to build Plant and Equipment within the stated period of time given to them,” Trump said in a post on Truth Social.
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Trump has been pressuring drugmakers through his most-favored-nation drug pricing policy to lower prices to what people pay in other high-income countries.
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More than 90% of medicines sold in the U.S. are generics, according to the U.S. Food and Drug Administration.