President Trump signed an executive order imposing a 100% tariff on imported patented brand-name drugs under Section 232, citing U.S. “import reliance.” The order includes exemptions for generic drugs, orphan drugs, and brand-name products from companies that enter Most Favored Nation (MFN) agreements. The tariff regime also sets tiered rates for imports from certain regions, with the U.K. rate subject to a trade agreement and other partners subject to specified percentages. The pharmaceutical industry immediately criticized the move for raising costs and potentially jeopardizing recent U.S. investment plans. The next variable is whether companies will seek MFN agreements and whether U.S. manufacturing plans can qualify for lower tariffs, which could quickly reshape pricing dynamics and supply-chain decisions for branded portfolios.