No deal yet? Trump readies new tariffs on select drugmakers - report

[Senior woman buying medicine at drugstore]
Luis Alvarez

The Trump administration plans to impose tariffs on pharmaceutical companies that haven't agreed to lower U.S. drug prices, with an announcement expected as soon as Thursday, _Bloomberg _reported, citing people familiar with the matter.

The president had earlier threatened to impose tariffs ranging from 100% to 200% on the pharmaceutical industry as part of a broader push to bring drug manufacturing back to the U.S. and lower prices for American patients.The proposed tariffs stem from an investigation under Section 232 of the Trade Expansion Act, which permits trade restrictions based on national security concerns.

The companies that have neither entered into agreements nor are actively negotiating with the administration could face tariffs of up to 100%, the people added. The plans aren’t yet final and could still change, and there could also be exemptions for some medicines and disease categories, the report added [https://www.bloomberg.com/news/articles/2026-04-01/trump-administration-readies-new-tariffs-on-select-drugmakers].

Major drugmaker companies that already struck pricing deals and agreed to lower U.S. drug prices or invest locally are Pfizer (PFE [https://seekingalpha.com/symbol/PFE]), AstraZeneca (AZN [https://seekingalpha.com/symbol/AZN]), Eli Lilly (LLY [https://seekingalpha.com/symbol/LLY]), Novo Nordisk (NVO [https://seekingalpha.com/symbol/NVO]), Bristol Myers Squibb (BMY [https://seekingalpha.com/symbol/BMY]), GSK (GSK [https://seekingalpha.com/symbol/GSK]), Sanofi (SNY [https://seekingalpha.com/symbol/SNY]), and Novartis (NVS [https://seekingalpha.com/symbol/NVS]), among others.

Pharma and healthcare ETFs: SPDR S&P Pharmaceuticals ETF (XPH [https://seekingalpha.com/symbol/XPH]), iShares U.S. Pharmaceuticals ETF (IHE [https://seekingalpha.com/symbol/IHE]), and VanEck Pharmaceutical ETF (PPH [https://seekingalpha.com/symbol/PPH]), iShares Biotechnology ETF (IBB [https://seekingalpha.com/symbol/IBB]), SPDR S&P Biotech ETF (XBI [https://seekingalpha.com/symbol/XBI]), Health Care Select Sector SPDR Fund (XLV [https://seekingalpha.com/symbol/XLV]), Vanguard Health Care ETF (VHT [https://seekingalpha.com/symbol/VHT]).

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