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President Donald Trump announced sweeping tariffs during a press conference promoting what he dubbed “Liberation Day” on Wednesday morning.

These included a 10% tariff on all U.S. trading partners, which could have downstream effects on drug prices and the pharma industry.

While Trump didn’t specify tariffs on specific drug products, the new policy could impact the pharma industry in the long run, which has historically enjoyed protection from tariffs.

The president’s recent comments have suggested he could target the pharma industry with tariffs in his broader effort to bolster domestic manufacturing, raising issues for drugmakers that rely on overseas manufacturing.

“We’re going to produce the cars, ships, chips, airplanes, minerals and medicines that we need right here in America,” Trump said at the press conference. “The pharmaceutical companies are going to come roaring back… They’re all coming back to our country because if they don’t, they’ve got a big tax to pay.”

At the presser, Trump also said he would impose higher tariffs on countries with which the U.S. has the largest trade deficits. 

That includes a new 34% tariff on Chinese products, a 20% tariff on the European Union and a 26% tariff on India on top of the 10% baseline tariff.

But in a fact sheet published after the press conference, the White House noted that pharmaceutical goods would not be subject to the reciprocal tariff.

The impact on pharma companies’ bottom lines is still unclear, but pharma leaders and lobbying groups have spent the last several weeks arguing that tariffs would harm patients as well as innovation and R&D.

Overseas tariffs could impact the active ingredients that are used to manufacture drugs, as well as medical devices. Still, they could particularly hit generics and low-cost manufacturing hardest. 

Mark Cuban, founder of Cost Plus Drugs, noted in an interview on the Somebody’s Gotta Win With Tara Palmeri podcast that his company — which aims to provide affordable drugs to patients — would be forced to raise prices in response to tariffs on India-imported products.

“If you only have a 15% markup and there’s a 25% tariff, we’d have to lose money on every single medication,” Cuban said.

Plenty of U.S. pharma companies have already made plans to shift more manufacturing to their homebase in advance of future tariffs. 

Johnson & Johnson became the latest Big Pharma company to announce a $55 billion investment to develop new manufacturing facilities in the U.S. over the next four years, including a new North Carolina facility.

Other pharma companies, including Eli Lilly and Pfizer, have said they would increase investment in U.S. manufacturing in response to Trump’s tariffs threats.

Trump’s new tariff policy came out just a day after the Department of Health and Human Services laid off some 10,000 employees.

This was part of a broader effort to cut government spending and restructure public health agencies under Robert F. Kennedy Jr.’s helm, spelling out a new chapter of uncertainty for drugmakers.