Trump Signs 100% Pharmaceutical Import Tariff EO; Metal Tariffs Restructured to Flat 50%

On the anniversary of Liberation Day, President Trump signed two major tariff executive orders on April 2, 2026. The first imposes a 100% tariff on patented pharmaceutical products and active pharmaceutical ingredients, effective in 120–180 days depending on company size, with exemptions for companies entering Most Favored Nation (MFN) pricing agreements with HHS or domestic manufacturing agreements with the Commerce Department (0% tariff through January 20, 2029). The EU, Japan, South Korea, and Switzerland face a reduced 15% rate; the United Kingdom receives a preferential rate under a recently concluded bilateral trade agreement. The tariff was framed as forcing pharmaceutical companies to bring drug manufacturing back to the United States. Health care stocks fell sharply on the news. Second, Trump signed an executive order streamlining and increasing metal tariffs: steel, aluminum, and copper products made entirely of those metals face a flat 50% tariff (up from 25%/10% prior rates), while derivative articles substantially composed of covered metals face 25%. The restructuring aimed to close loopholes from transshipment through third countries. The orders brought Trump's second-term executive order total to approximately 255, including 59 memoranda and 135 proclamations.