Trump signed an executive order imposing a 100% ad valorem tariff on imported brand-name patented pharmaceuticals and associated ingredients under Section 232, citing U.S. import reliance. The order includes exemptions for generic drugs, orphan drugs, and brand-name products made by manufacturers that enter Most Favored Nation (MFN) agreements. Tariff rates for certain regions can be lower under specified trade arrangements, and companies preparing U.S. manufacturing could face reduced rates. The move immediately reintroduces pricing and supply-chain uncertainty for branded biopharma and increases the stakes for MFN negotiations and domestic manufacturing investment decisions.