US President Donald Trump has touted the success of his pharmaceutical tariff regime after striking a landmark deal with AstraZeneca, alongside a market-rattling update on his trade war with China.

The president slapped the tariff on imported branded pharmaceutical products, unless the company had commenced building a manufacturing plant in the United States.

Australia’s pharmaceutical industry stands to lose $2.8 billion through direct trade and downstream supply disruptions, according to Barclays analysts.

The United States is Australia’s largest export market for pharmaceutical exports, accounting for 38 per cent of the sector.

But on Friday, local time, the US president said he had struck a game-changing deal with United Kingdom-based giant AstraZeneca.

“Today, I’m excited to anno

See Full Page