Trump threatens 200 per cent tariff on major Australian export- what you need to know
Trump hinted at the whopping tariff hike on pharmaceuticals ahead of a US cabinet meeting on Tuesday local time.
Australia exported $2.1billion in pharmaceutical products to the US in 2024, according to the Australian Bureau of Statistics.
Copper is also expected to be subject to a 50 per cent tariff, which is also a big Australian export.
Trump assured that drug manufacturers will be given time to adapt in a bid to dodge the tax.
'They're going to be tariffs at very high rate,' he told reporters.
'We'll give them a certain period of time to get their act together.'
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