On Thursday, U.S. President Donald Trump signed an executive order that may impose tariffs of up to 100% on certain patented pharmaceuticals. This action coincides with the anniversary of Trump's 'Liberation Day,' which previously introduced sweeping import taxes. Companies that do not reach a pricing agreement with the administration in the coming months will face these tariffs, while those that have signed a 'most favoured nation' pricing deal and are building facilities in the U.S. will avoid tariffs entirely. For companies without a pricing deal but developing U.S. production projects, a 20% tariff will apply, increasing to 100% over four years. Trump justified these tariffs as necessary for national security regarding pharmaceutical imports. Additionally, Trump updated the existing 50% tariffs on imported steel, aluminum, and copper, changing how these tariffs are calculated to ensure higher payments from importers. Products made entirely of these metals will continue to be taxed at 50%, while derivative metals will see a recalibration in tariff calculations.