Medicine Is About To Get Way More Expensive For New Yorkers

New Yorkers who rely on medicine to survive are going to be hit hard soon. Prescription prices will be going up. The new administration has announced that tariffs will be placed on medicine. Americans are already suffering financially, now this!

It's mindboggling to think about how we went from a great economy and stock market to everything being trashed within 100 days, but here we are. It almost seems like leadership does not understand how the economy works and how changes hit New Yorkers hard.

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Trump Announces His Plans For Pharmaceutical Tariffs

Many who work in imports and transportation have sounded the alarm about the shortages and price increases that will hit New Yorkers soon due to Trump's tariffs on China. Experts have warned about empty store shelves and sky-high prices because of the 145 percent tariffs the new regime placed on Chinese goods. China does NOT pay the tariffs, the increased costs are ultimately passed on to New York and American consumers. Now, Trump wants to do the same thing to the medicine New Yorkers need to survive.

Trump was asked about his plans to tax pharmaceuticals on Monday, May 5, 2025. He said, "I'll announce it over the next two weeks." He went on to tell reporters, "I think we're going to have another conference next week, which will be very important, having to do with the world of medicine, and I think we'll be very productive."

Ernst & Young found that approximately $200 billion in pharmaceutical products were imported into America in 2023. It is estimated that a 25 percent tariff placed on foreign drugs would increase prices for New Yorkers by almost $50 billion annually.

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What Type Of Pharmaceuticals Are Produced Outside Of The U.S.?

Per the National Library of Medicine, the main supplier of aspirin in North America is China, which produces about 120 billion tablets annually. As of 2019, 28 percent of the manufacturing facilities making active pharmaceutical ingredients (APIs) were located in the U.S., according to the FDA.

According to the FDA's report, there are several reasons that APIs have left the U.S., including the need for a large factory site, environmental liabilities and impacts, and a low-cost labor force. So, it may be unlikely that they will ever return to America.

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