President Donald Trump has unveiled a controversial plan to impose new tariffs on pharmaceuticals, sparking widespread concern over potential drug price hikes. Speaking at the National Republican Congressional Committee dinner, Trump dismissed expert warnings and declared, “We’re gonna tariff our pharmaceuticals, and once we do that, they’re gonna come rushing back into our country—because we’re the big market.” He promised a formal announcement “very shortly.”
At the event in Washington, D.C., Trump also made bold claims about the success of his broader tariff strategy, boasting, “We’re making $2 billion a day from tariffs—can you believe it?” He criticized media coverage of his trade policies, calling reported earnings of $35 million “peanuts” by comparison.
The president insisted that the international response to his tariffs has been swift, with countries eager to strike new deals. He also took aim at Democrats, vowing to counter “radical left” opposition.
Just days earlier, Trump revealed sweeping tariffs—including a 103% duty on all Chinese imports—in retaliation for China’s latest round of tariffs on U.S. goods. The rollout of these measures has been marked by confusion, with administration officials offering conflicting explanations.
Commerce Secretary Howard Lutnick framed the tariffs as a necessary reset of global trade, calling them a long-term commitment. Meanwhile, Press Secretary Karoline Leavitt described them as strategic leverage to encourage better trade deals, pointing to Israeli Prime Minister Netanyahu’s recent visit as an example of productive diplomacy. She also criticized China’s counter-tariffs as a misstep but insisted that flexibility in negotiations is not a sign of policy reversal.
