Related: As President Trump Announces New Tariffs on Pharmaceuticals and Adjusted Duties on Steel and Other Metals, U.S. Chamber of Commerce Calls for Pro-Growth Policies, Not New Tariffs

April 5, 2026 - WASHINGTON, D.C. — The Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO Stephen J. Ubl released the below statement regarding the announcement of Section 232 tariffs:

“Tariffs on cutting-edge medicines will increase costs and could jeopardize billions in U.S. investments announced in the last year. Every dollar spent on tariffs is a dollar that can’t be invested in communities across the country. 

“The innovative biopharmaceutical sector has a robust U.S. manufacturing footprint. In fact, two-thirds of the medicines that are consumed in the U.S. are made in America. And when innovative medicines or their inputs are sourced from other countries, these products overwhelmingly come from reliable U.S. allies, like Europe and Japan.

“For decades, the United States has led the world in biopharmaceutical innovation, delivering $1.7 trillion in economic impact, supporting 5 million American jobs and providing patients with the best access to new medicines anywhere in the world. At a time when America’s global leadership in biopharmaceutical innovation is being challenged—and Americans are struggling to afford their insurance premiums—we need smart policies to ensure that the U.S. remains the best place in the world to discover and manufacture affordable, lifesaving medicines. Tariffs will undermine this important goal.”

About PhRMA

The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading innovative biopharmaceutical research companies, which are focused on developing innovative medicines that transform lives and create a healthier world. Together, we are fighting for solutions to ensure patients can access and afford medicines that prevent, treat and cure disease. PhRMA member companies have invested more than $850 billion in the search for new treatments and cures over the last decade, supporting nearly five million jobs in the United States.

Source: Pharmaceutical Research and Manufacturers of America