US President Donald Trump announced on social media a phased tariff increase plan on generic drugs imported into the country.
According to the plan announced by Trump, generic drugs will face a 0% tariff for two years starting August 1. At the end of this period, the tariff rate will be raised to 100% for one year. In the following period, the tariff will be increased to 200%.
The President stated that this policy aims to bring generic drug manufacturing back to the United States. He added that companies that do not invest in factories and equipment within the planned timeframe will face sanctions.
"The purpose of this policy is to protect the American people," Trump stated, noting that current policies for patented, branded or innovative drugs will not change.
Trump also claimed, "Drug manufacturing facilities are being built across the United States at an unprecedented level."
Maria Nica / Editor