Business News | Generic Drug Imports by US to Face 100% Tariff from 2028, Trump Keeps Tariff at Zero for 2 Years
Get latest articles and stories on Business at LatestLY. All generic drugs imported into the United States will continue to attract zero per cent tariffs for two years from August 1, 2026, after which tariffs will rise by up to 200 per cent, US President Donald J Trump announced on Wednesday.
New Delhi [India] July 22 (ANI): All generic drugs imported into the United States will continue to attract zero per cent tariffs for two years from August 1, 2026, after which tariffs will rise by up to 200 per cent, US President Donald J Trump announced on Wednesday.
Taking to Truth Social, Trump said, the policy is aimed at bringing generic pharmaceutical production back to the United States, with penalties for companies that choose not to establish manufacturing plants and equipment within the specified timeframe.
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"Effective August 1st, 2026, all Generic Drugs being brought into the United States will continue to have a TARIFF of ZERO PERCENT for a two year period of time, after which the TARIFF will be raised to 100% for a one year period of time, and 200% thereafter," he noted.
He further stated, the objective is to protect the American people, while the existing policy on patented, branded and innovative drugs will remain unchanged.
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"The objective of this Policy is to protect the people of the United States. The Policy on Patented, Branded, or Innovative Drugs, which has been so successful, will remain as is," he noted.
Additionally, pharmaceutical manufacturing facilities are currently being built across the United States at an unprecedented pace, he noted in his post.
" Pharmaceutical Facilities are being built, at a level never seen before, all over the United States of America," he said.
In a seperate development, the US President signed a proclamation under Section 232 of the Trade Expansion Act of 1962 to adjust aluminium imports, citing national security concerns and seeking to boost investment in the domestic aluminium industry. As per the fact sheet release by the White House, the tariffs on imported aluminium aims to protect the country's defence and defence-related industrial base.
Additionally, the proclamation authorizes and directs the Secretary of Commerce to establish an incentive program for companies that will invest in building, expanding, or refurbishing aluminium smelters in the US. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)