Donald Trump has vowed to slap 100% tariffs on pharmaceutical imports to America from 1 October 2025.
The measure, announced in a fleeting post on Truth Social, will apply to patented medicines, though generics appear exempt.
Other imports will also be hit: kitchen and bathroom furniture (50%), upholstered furniture (30%) and heavy trucks (25%). The president says the goal is to shield domestic producers from “unfair” foreign competition.
Drugmakers may avoid the levy if they shift production to America. To qualify, projects must already be under way, with factories under construction or ground-breaking imminent. The Republican has also demanded lower drug prices from the industry, having warned firms in September to cut charges or face tariffs.
The White House has yet to issue a formal decree, raising doubts about whether the threat will materialise. Still, Swiss firms are bracing for impact. Novartis, one of the country’s biggest drugmakers, struck an upbeat tone. It is investing $23 billion in American plants and expects to announce five new sites before year-end.
“Against this backdrop, the announced 100% tariff rate should have no impact on Novartis,” the company told SRF. Roche, Switzerland’s largest pharma group, has not yet commented.
The stakes for Switzerland are high. Pharmaceuticals account for nearly a tenth of GDP, have driven 40% of annual growth since 2020 and make up more than half of exports. The sector escaped Mr Trump’s earlier 39% tariff on Swiss products imposed in August. Yet both Novartis and Roche have already pledged vast sums—$23 billion and $50 billion respectively over five years—into American factories and labs, anticipating barriers to trade.
Whether Mr Trump follows through or not, his message is clear: for foreign drugmakers, future access to the world’s biggest market may depend on making more of their pills in America.
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