Exclusive: Pharma industry lobbies Trump for phased tariffs, sources say

LONDON/NEW YORK, April 1 (Reuters) - Drugmakers are lobbying U.S. President Donald Trump to phase in tariffs on imported pharmaceutical products in hopes of reducing the sting from the charges and to allow time to shift manufacturing, according to four sources familiar with the discussions.

Trump is expected to unveil a massive tariff plan on Wednesday. He said on Sunday that the reciprocal tariffs he is due to announce will include all nations, not just a smaller group of 10 to 15 countries with the biggest trade imbalances.

He has also said he will soon declare tariffs on the pharma industry, which have been exempt from past trade wars, following his measures against other sectors.

The four sources, who asked not to be named because discussions between the administration and industry have been confidential, said it is their understanding that Trump will not announce specifics on any pharma tariffs on Wednesday.

Still, the largest multinational drug companies now expect U.S. tariffs targeting medical products are inevitable and hope to secure an incremental ramp-up to the 25% tariff the president has threatened, rather than 25% from day one, the four sources said.

"The idea of incremental ramp up of tariffs, a sort of gradation if you will, is definitely out there from the pharma industry side," according to one of the sources.

Trump may announce on Wednesday a study looking at how the industry-specific tariffs could be applied, three of the four sources and an additional source familiar with the matter said.

Large drugmakers have ...
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