President Donald Trump's proposed 100% tariffs on foreign pharmaceuticals will ultimately be paid by American patients and insurers, not foreign drug companies, according to economist Justin Wolfers.He argues the administration’s theory that tariffs will force price cuts is flawed, especially for patented, brand-name drugs where there is no competition and demand is inelastic.Economist Warns Of Higher Drug Costs For ConsumersWolfers explained that for these unique medications, the economic leverage lies ent ...

President Donald Trump announced a new round of tariffs beginning in October 2025 that would impose a 100% duty on brand name drugs imported to the United States. There's a major exemption to the brand name drug tariffs – pharmaceutical companies that have already broken ground on building a U.S. manufacturing plant will be exempt, Trump said. The tariffs also won't apply to countries that already have negotiated trade deals such as Japan and European Union nations. "Starting October 1st, 2025, we will b ...