US President Donald Trump said on Thursday that he will impose a 100 percent import tax on pharmaceutical drugs. He also announced new tariffs on other products.

Here’s what we know, and what it all means.

What pharma tariffs has Trump announced?

In a post on his Truth Social platform on Thursday, Trump wrote that starting on October 1, the United States will impose a 100 percent tariff on any branded or patented pharmaceutical product.

The 100 percent tariff means prices of imported pharmaceutical products will double for American importers and consumers.

However, Trump said an exception would be made for any company which “IS BUILDING their Pharmaceutical Manufacturing Plant in America”.

He explained that “is building” refers to “‘breaking ground’ and/or ‘under construction’.”

T

See Full Page