‘Liberation Day’ Arrives; Some In GOP Try To Stop Tariffs On Canadian Drugs
An analysis recently published in JAMA found that the tariffs would likely result in price hikes on a "wide range of medications, from antibiotics to mental health treatments," the lead author said. In related news, Mark Cuban says his Cost Plus Drugs will be forced to raise prices if tariffs take effect.
CIDRAP:
Analysis: Tariffs On Canadian Drugs Will Strain US Supply Chain
President Donald Trump’s trade tariffs on Canadian pharmaceuticals are expected to increase costs in the United States and strain drug supply chains, according to an analysis published yesterday in JAMA. [On April 2], pharmaceuticals will no longer be exempt from the Trump administration's 25% tariff on goods produced in Canada. (Soucheray, 4/1)
USA Today:
Trump Tariff Rebuke: GOP Senators To Join Dems In Opposing Canada Plan
In what would be a rebuke to President Donald Trump, a Senate resolution to end the emergency declaration enabling tariffs against Canada is likely to have enough Republican votes to pass the chamber, according to Sen. Rand Paul, R-Kentucky. Paul is co-sponsoring the resolution with Sen. Tim Kaine, D-Virginia, who wants to force GOP lawmakers to go on the record on the policy. Trump implemented the emergency declaration in February to put tariffs on Canada for not going far enough to stop fentanyl from crossing into the United States. (Bacon, Beggin, Chambers, Jansen and Ortiz, 4/1)
The New York Times:
What to Know About Tariffs as Trump’s Trade War Intensifies
On Wednesday at 4 p.m., Mr. Trump is expected to announce what he calls sweeping “reciprocal tariffs,” which could match the levies that other countries impose on U.S. products. The president has taken to calling this “liberation day,” arguing that it will end years of other countries “ripping us off.” (Swanson, Kaye, Gamio, Russell and Kim, 4/1)
CNN:
Canada Warns Trump On Tariffs: Retaliation Is Coming April 2
Canadian Prime Minister Mark Carney told President Donald Trump Friday that his nation will retaliate against the United States with tariffs of its own if Trump presses forward with his promised levies – potentially escalating what is already developing into an ugly and damaging trade war. Trump responded that he’s open to deals – but potentially after his tariffs go into effect. The leaders of the bordering nations spoke Friday before the White House’s expected tariffs go into place April 2 – a day Trump has been calling America’s “Liberation Day.” (Saltman, Klein and Goldman, 3/29)
Fortune Well:
Mark Cuban Warns Trump’s Tariffs Mean His Cost Plus Drugs ‘Won’t Have A Choice’ But To Raise Prices For Consumers
During an interview on the Somebody’s Gotta Win With Tara Palmeri podcast, billionaire entrepreneur Mark Cuban warned that the drug company he cofounded, Cost Plus Drugs, would be forced to raise its prices in response to a tariff on goods imported from India. “We won’t have a choice,” Cuban said. (Freedman, 4/1)
