President Trump marked the one-year anniversary of his “Liberation Day” reciprocal tariff announcement with new levies on pharmaceuticals and steel.
Trump signed orders imposing tariffs of up to 100% on foreign-made drugs and requiring steel to be tariffed at its US market value, rather than the lower cost of making it abroad, closing what officials said was a loophole.
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President Trump announced new tariffs on pharmaceuticals on the one-year anniversary of his “Liberation Day” announcement of reciprocal tariffs. AFP via Getty Images Trade Representative Jamieson Greer speaking to the media about the new tariffs outside of the West Wing on April 2, 2026. Getty Images The pharmaceutical order’s 100% tariff is unlikely to wallop most popular medicines because the rate drops to 0% for the 13 large companies that already pledged to offer federal health programs “most favored nations” pricing and to onshore production to the US.
Smaller drugmakers are able to reduce their tariff rate to 20% if they partner with US manufacturers and to 0% if the align pricing with rates in other western countries within 180 days, officials said.
