ISLE OF PALMS, S.C. (WCSC) - Local experts explain what a new tariff on imported pharmacy drugs may mean for American buyers.

President Donald Trump announced new import tariffs on imported items, including a 100% import tax on pharmaceuticals, starting Oct. 1.

Certain imports are excluded from the taxes, such as generic medications and imports from the European Union. College of Charleston economics professor Mark Witte says the European Union already has a 10% tax agreement in place.

Witte says the exception covers a majority of medical companies based in Switzerland and the United Kingdom.

A reason behind the administration’s decision was to promote investments in the United States’ pharmaceutical production.

The tax would not apply to companies with a footprint in the United State

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