Trump threatens tariffs on Australian pharmaceutical exports
Ahead of a US cabinet meeting later today, Trump suggested the huge tariff hike on imported pharmaceutical products will be in place by the end of next year. Australia exported $2.1 billion of pharmaceuticals to the US in 2024, according to the Australian Bureau of Statistics.
Trump assured that drug manufacturers will be given 'about a year, year and a half' to relocate to the US in a bid to escape the tariff. 'They're going to be tariffs at a very high rate,' he told reporters. 'We'll give them a certain period of time to get their act together.'
Federal Treasurer Jim Chalmers said the Australian government is urgently seeking more details on the 'concerning development.'
'Our pharmaceuticals industry is much more exposed to the US market, and that's why we're seeking, urgently seeking, some more detail on what's been announced,' he told ABC Radio National on Wednesday morning.
'But I want to make it really clear once again, as we have on a number of occasions before, our Pharmaceutical Benefits Scheme is not something [we are] willing to trade away. They're obviously very concerning developments. We are talking about billions of dollars of exports to the US when it comes to pharmaceuticals.'
Commerce Secretary Howard Lutnick later insisted a final decision on pharmaceutical tariffs had not yet been made and his department's review into the imports wouldn't be completed until later this month. 'The president will then set his policies,' Lutnick told CNBC. 'And I'm going to let him wait to decide how he's going to do it. He said, "If you don't build in America, they're going to be a high rate." But he may consider that if you're building in America, to give you the time to build … and then the tariff will be much higher.'
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