Trump to Impose Major Tariff on Pharmaceutical Imports

WASHINGTON, April 12 (Reuters) – President Donald Trump announced on Tuesday that the United States will soon implement a significant tariff on pharmaceutical imports, aimed at incentivizing drug companies to relocate their operations to the U.S.

During an event with the National Republican Congressional Committee, Trump emphasized the need to support domestic manufacturing in the pharmaceutical sector. He stated, “This tariff is going to change the game for American jobs and the economy. We need our drugs produced here, not overseas.”

The impending tariff comes as the White House seeks to bolster the economy amidst ongoing challenges within the pharmaceutical industry. This decision aligns with the administration’s broader strategy to encourage American companies to reinvest domestically.

In a separate yet related matter, an appeals court ruled on Friday regarding the future of the U.S. Consumer Financial Protection Bureau (CFPB). The court determined that while layoffs may be permissible, the agency itself will not be abolished. Created after the 2008 financial crisis, the CFPB has faced criticism from Republicans who argue it is unaccountable and has overstepped its legal authority.

Trump expressed his desire to eliminate the CFPB during a press briefing in February, stating, “This agency has been a thorn in our side, and it needs to go.” However, a federal judge ruled in March to prevent the administration from pursuing drastic measures such as mass layoffs or work stoppages at the agency.

The appeals court upheld this preliminary injunction, allowing only the layoffs to move forward. While the government sought to challenge the ruling, the court denied their motion to remove the injunction against work stoppages, meaning that the CFPB will continue its operations, albeit with potential staff reductions.