Exclusive: US pharma tariffs would raise US drug costs by $51 billion annually, report finds
Reuters
US Drug Tariffs Could Trigger $51B Price Surge, Industry Warns
Above: A photo illustration of American dollar banknotes and medicines taken in Ankara, Turkey, on July 9, 2024. Image copyright: Caglar Oskay/NurPhoto via Getty Images
The Spin
Pro-Trump narrative
For too long the U.S. has watched its pharmaceutical industry be bought up by foreign interests and grow increasingly dependent on imported medicines. This is a blatant national security threat, making it imperative for the U.S. to bring drug production back home. If the Trump administration finds that tariffs are the best means to accomplish this, it will implement them.
Opposition narrative
There is a reason why tariffs on medicines are zero. If the Trump administration imposes tariffs on pharmaceuticals, it will be disastrous for the industry, disrupting supply chains, driving up prices, and hindering drug production, which will lead to ruinous shortages for millions of everyday Americans.