Trade Stand-Off Continues as US 200 Percent Drug Tariffs Loom

Trade Stand-Off Continues as US 200 Percent Drug Tariffs Loom
FILE PHOTO: U.S President Donald Trump looks on on the day he signs the HALT Fentanyl Act, in the East Room at the White House in Washington, D.C., U.S., July 16, 2025. REUTERS/Umit Bektas/File Photo
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Australia’s pharmaceutical benefits scheme is not up for negotiation, says the federal government in the face of ramped-up U.S. threats to triple the price of foreign medicines.

In a continuation of his approach to trade policy, President Donald Trump says taxes on drug imports could be announced as soon as the end of the month, with eventual tariff rates of up to 200 percent.