The specter of Donald Trump’s tariffs returns and this time drugs are in the crosshairs. The US administration is ready to announce duties of up to 100% on imported drugs, a measure that risks putting pressure on the global industry in the sector and, therefore, also on Italian companies.
Hypothesis of 100% duties on drugs
According to previews by Bloomberg and of Financial Timesthe announcement could arrive within a few hours, marking yet another via crucis in relations with American economic policy.
The mechanism is simple: pharmaceutical companies that do not accept the White House’s conditions will be hit with tariffs of up to 100%. The conditions include lower prices in the United States and investment on American soil.
The measure could be adopted through the Section 232 of the Trade Expansion Actwhich allows trade restrictions for national security reasons. In the past, President Donald Trump had tried to justify similar tariffs usingInternational Emergency Powers Actbut the Supreme Court ruled in February that this law does not authorize the president to impose tariffs, confirming that primary jurisdiction in the matter remains with Congress. The possibility of using alternative legal instruments, such as Section 232, to introduce new tariffs, with potentially significant effects on the global pharmaceutical market, therefore remains open.
The objective is to bring the most strategic phases of the supply chain back to the United States, from production to research, reducing dependence on foreign countries and lowering domestic prices.
Big Pharma between agreements and pressure
A significant part of the drug industry has already succumbed to American pressure. Giants such as Pfizer and AstraZeneca have obtained tariff exemptions thanks to multi-year agreements, committing to prices and investments in the USA.
Groups such as Eli Lilly, Johnson & Johnson, Merck and Novo Nordisk have also pledged billions of dollars to expand production on American soil.
According to White House data, 26 large companies have already signed up, with total investments close to 400 billion dollars.
The measure mainly affects branded drugs, often produced in Europe. In particular, Ireland represents a strategic hub thanks to its favorable taxation and concentration of high value-added production.
Italy at risk: no agreement on drugs
The most critical data concerns Italy: at the moment, no Italian company is among those that have signed agreements with the White House. This means that the entire national pharmaceutical sector is potentially exposed to the new duties.
The scenario is one of maximum uncertainty, although it should be specified that Donald Trump’s programs could undergo changes. It is possible, for example, that exemptions are provided for certain types of drugs or specific therapeutic areas.
Export to the USA
Istat, in its February report on extra-EU exports, confirmed that the USA is a natural outlet for Italian goods. The trade balance with the USA reached 3.247 billion euros. Istat specifies that in February 2027
The trend in exports to the United States remains high, but growth is concentrated in pharmaceuticals and other means of transport.
