On Thursday, President Donald Trump signed an executive order that could impose tariffs of up to 100% on patented drugs from pharmaceutical companies that do not reach pricing agreements with the administration in the coming months. Companies that sign a 'most favored nation' pricing deal and establish production facilities in the U.S. will benefit from a 0% tariff, while those without such agreements but still building projects will face a 20% tariff that could escalate to 100% in four years. This move is framed as a response to national security threats posed by pharmaceutical imports. The order coincides with the anniversary of Trump's previous import taxes, which were largely overturned by the Supreme Court earlier this year. Industry leaders, including Stephen J. Ubl, CEO of the Pharmaceutical Research and Manufacturers of America (PhRMA), have expressed concerns that these tariffs could significantly increase costs and threaten billions in U.S. investments. Additionally, the executive order updates existing tariffs on imported metals, indicating a continued trend of sector-specific tariffs under Trump's administration. As the administration explores further import taxes, the implications for the pharmaceutical industry and broader economy remain significant.