Trump to Announce Drug Tariffs in Two Weeks... Major Announcement on Drug Prices Next Week

On the 5th (local time), U.S. President Donald Trump stated that he would announce tariffs on pharmaceutical products "over the next two weeks."

On this day, President Trump made this statement when asked about the timing and tariff rates for pharmaceuticals while signing an executive order to promote pharmaceutical manufacturing at the White House. President Trump mentioned that there would be a major announcement regarding drug prices next week, claiming, "We are being very unfairly ripped off compared to other countries around the world."

At this event, President Trump signed an executive order directing the Food and Drug Administration (FDA) to shorten the approval time required to establish pharmaceutical factories in the U.S. This order also included instructions for the Environmental Protection Agency (EPA) to expedite related approval procedures.

It also includes △ increasing inspection fees for overseas pharmaceutical manufacturing facilities △ improving the implementation of reporting the source of active ingredients by foreign pharmaceutical companies and reviewing the disclosure of non-compliant facility lists.

Previously, President Trump instructed the Department of Commerce and others to investigate the impact of pharmaceutical imports on national security under Section 232 of the Trade Expansion Act last month. President Trump has been using Section 232 of the Trade Expansion Act to impose tariffs on foreign imports. Section 232 of the Trade Expansion Act allows measures such as tariffs if certain imported items are deemed to threaten national security.

Reporter Minhyung Lee, Hankyung.com meaning@hankyung.com