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In an effort to bring production back to the United States and reset the terms of international trade, the U.S. has imposed a total of54% in tariffs on Chinese imports. In response, the Chinese government announced a retaliatory 34% increase, set to take effect on April 10. The U.S. countered by promising an additional 50% tariff increase if the 34% was not withdrawn by April 8. China has not yet revoked their increase, bringing the US total tariffs on Chinese goods to104% starting midnight April 9.
Currently,80% of medicationsused in the United States are produced in or sourced from China. Even if pharmaceuticals remain exempt from tariffs, concerns are growing that continued escalation could spark a full-scale trade war.
President Trump announced just last night that "we're going to be announcing very shortly a major tariff on pharmaceuticals."
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