Trump Expands Tariffs on Pharmaceuticals and Metals One Year After Liberation Day

One year after his sweeping "Liberation Day" tariff announcements, President Donald Trump has introduced a new wave of trade measures targeting pharmaceutical imports and restructuring duties on steel, aluminum, and copper.

Under a national security proclamation, foreign drugmakers selling patented products in the U.S. must negotiate price reductions with the government and commit to shifting some manufacturing stateside — or face steep consequences. Companies that fulfill both conditions avoid tariffs entirely. Those that only move partial production to the U.S. will face a 20% levy, while companies that do neither will be hit with a 100% tariff. Large pharmaceutical firms have 120 days to comply, while smaller producers are given 180 days. Select trade partners — including the EU, Japan, South Korea, Switzerland, and the UK — receive capped or zero-rate deals under separate agreements.

On the metals front, Trump signed a proclamation cutting tariff rates on derivative steel, aluminum, and copper products in half to 25%, while removing duties altogether on goods with less than 15% metal content by weight. The base 50% tariff on raw commodity imports remains, though its application will now be tied to U.S. sales prices rather than declared import values — a move designed to close valuation loopholes. Certain industrial and power-grid equipment will see duties reduced to 15% through 2027.

The announcements came as the administration works to replace IEEPA-based tariffs struck down by the Supreme Court in February, which had generated roughly $166 billion in collected duties now subject to refunds.

Reactions remain divided. The U.S. Chamber of Commerce warned the pharmaceutical tariffs would raise healthcare costs, while metals industry groups praised the updated framework as more precisely targeted. Trade Representative Jamieson Greer defended the broader tariff strategy as a long-term driver of domestic production and wage growth.