Trump Plans to Impose 100% Tariffs on Generic Drugs Starting in 2028. What Would That Do to Prices?

President Donald Trump announced this week that he plans to impose tariffs on generic drugs imported into the U.S. starting in 2028—a policy that experts say could have far-reaching consequences for the prices and availability of those medications.In a Truth Social post on Tuesday, Trump said that, starting in August 2028, all imported generic drugs will be slapped with a tariff of 100% for a year-long period, after which that rate will be raised to 200%.“This is done in order to RESHORE Generic Pharmaceutical Production into America, with a penalty to those Companies that decide not to build Plant and Equipment within the stated period of time given to them,” the President said. “The objective of this Policy is to protect the people of the United States.”He did not share further details of what “penalty” he would levy against pharmaceutical companies that choose not to build factories in the country. Since taking office for a second term, Trump has repeatedly imposed or threatened to impose tariffs on various products to pressure industries and countries into acquiescing to his demands. Companies have in turn raised the retail prices for products in a number of cases, increasing c...