PHARMACEUTICALS appear to have been granted a surprise exemption from US president Donald Trump's reciprocal tariff agenda.
In declaring that foreign trade and economic practices have created "a national emergency", Trump issued an order today to impose "responsive tariffs to strengthen the international economic position of the US and protect American workers".
However, the fears of pharmaceutical companies that tariffs would drastically affect the global supply chain and that even more American patients will be unable to afford already expensive medicines were not borne out.
A "fact sheet" issued by the White House noted that some goods will not be subject to the reciprocal tariff, including pharmaceuticals, semiconductors, lumber, energy and certain minerals.
However, Trump has previously said the pharma industry will face tariffs, so it may be only a temporary reprieve.
In announcing the tariffs, Trump said pharma companies are going to "come roaring back" to the US "because if they don't, they got a big tax to pay," suggesting the industry is not in the clear yet.
Australia exported $1.35 billion of pharmaceuticals to the US in 2024, mainly blood products and vaccines.
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