President Donald Trump announced a 100% tariff on imported branded pharmaceutical products effective October 1, 2025, with carve-outs for generic drugs and exemptions for companies building manufacturing plants in the U.S. This measure marks a significant escalation in trade policy affecting the pharma sector, with implications for small to mid-sized biotech companies and global drug supply chains. Uncertainties remain regarding the tariffs’ scope amid ongoing trade negotiations and Section 232 investigations.