Trump’s EU Trade Deal Expected To Hike Drug Prices

Axios reports:

The trade deal between the U.S. and the European Union could hit the pharmaceutical industry with billions in new costs and ultimately drive up prices and limit access. Drugmakers have been heavily reliant on foreign countries’ manufacturing and raw materials, most of it duty-free. Those free-trade policies are on the way out as the U.S. prepares to impose a 15% tariff on U.S.-bound imports of branded drugs from Europe.

Wall Street analysts estimated the tariff deal could cost the industry between $13 billion and $19 billion, Reuters reported on Monday. The cost of imported drugs is about to become more expensive for all Americans,” Joe Brusuelas, principal and chief economist for RSM US, told Axios. Europe is among the biggest sources of branded drugs and their ingredients for the U.S. Ireland alone accounted for about $50 billion of U.S. pharma imports last year.

Read the full article. Last week Trump declared that he will lower drug prices by up to 1500%.

Drug prices likely to rise with tariffs on EU https://t.co/5ml0gLUv90

— Axios (@axios) July 29, 2025