The Trump administration revived a pharma tariff framework with 100% charges under “Section 232,” while analysts cited exemptions and loopholes that would limit coverage across a wide set of drugs. The policy reportedly keeps the overall threat to the sector lower than worst-case scenarios, depending on whether branded drugs agree to a most-favored nation (MFN) pricing deal. The tariff approach introduces compliance complexity for companies deciding whether to negotiate MFN terms and how to structure pricing and supply arrangements. For biotech-related stakeholders, the issue increases uncertainty around branded drug economics and could affect near-term partner and commercialization decisions.