President Trump said he plans to announce tariffs on pharmaceuticals to encourage drug companies to return manufacturing to the U.S., according to ABC News. He claimed the U.S. market's size would drive companies to leave countries like China and reopen plants domestically. Most drug ingredients are made overseas, and tariffs could raise the cost of medications. Experts warned that pharmaceutical tariffs could cause drug shortages and hinder research and development.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02President Trump said he plans to announce tariffs on pharmaceuticals to encourage drug companies
00:06to return manufacturing to the U.S., according to ABC News.
00:10He claimed the U.S. market size would drive companies to leave countries like China
00:15and reopen plants domestically.
00:17Most drug ingredients are made overseas and tariffs could raise the cost of medications.
00:22Experts warn that pharmaceutical tariffs could cause drug shortages
00:25and hinder research and development.
00:27For all things money, visit Benzinga.com slash GSTV.