US President Donald Trump has threatened to introduce import tariffs on pharmaceutical products entering the United States by the end of this month, with potential tariffs on semiconductors to follow soon thereafter.
"We’ll likely start with a low rate at the end of this month and give pharmaceutical companies about a year to adjust. Following that, we’ll impose a very high rate," Trump told reporters.
He did not specify how high the tariffs might be. During a cabinet meeting last week, the President considered implementing import tariffs of 200 percent on pharmaceutical products.
The tariffs on medications may coincide with higher import duties set to take effect on 1 August for many of the US’s trading partners.
Trump also indicated that the timeline for imposing tariffs on semiconductors would be “similar” to that for pharmaceutical products. He aims to encourage companies to increase domestic production with these measures.
This move would heavily impact Belgian companies.
Belgium exports €216 million worth of biopharmaceutical products every day, including the many vaccines produced in Belgium. In 2024, this amounted to €79 billion in exports.
The US accounts for almost 24% of Belgian biopharmaceutical exports – much higher than the US share in total Belgian exports (6.8%).
