In light of Pfizer’s (NYSE:PFE) announcement on Tuesday that it will offer its drugs at reduced prices to American consumers, President Trump is backing off his threat to impose 100% tariffs on imported pharmaceuticals to give other drugmakers time to cut their own deals.
A White House official told Politico that it is seeking deals with other large pharmas that would be similar to Pfizer’s. On Tuesday, the president also announced the launch of TrumpRx, a direct-to-consumer website for consumers to find discounted drugs.
The official alluded to comments made by Commerce Secretary Howard Lutnick during a press event announcing the Pfizer deal in the Oval Office. In response to a question about pharma tariffs, Lutnick said that the administration is “going to let [the talks] play out and finish these negotiations, because they are the most important thing to the American people.”
The developments come following Trump’s self-imposed Sept. 29 deadline for pharmaceutical companies to lower their drug prices so they are in line with the rest of the world as part of his “most favored nation” policy.
Trump previously threatened to start levying 100% tariffs on imported branded and patented drugs beginning Wednesday.
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