Australia on Wednesday voiced concern over US President Donald Trump's warning to impose a 200% tariff on pharmaceutical imports and a 50% tax on copper imports, according to ABC News.
Treasurer Jim Chalmers said that the nation will not be bullied into weakening its Pharmaceutical Benefits Scheme in order to escape a tariff.
"They're obviously very concerning developments; we are talking about billions of dollars of exports to the US," Chalmers said, adding: "Our pharmaceutical industry is much more exposed to the US market, and that's why we're seeking, urgently seeking, some more detail on what's been announced."
His comments came after US President Trump on Tuesday threatened to impose up to a 200% tariff on pharmaceutical imports and a 50% tariff on copper imports, not specifying the date of the tariff.
Australia last year exported around $2.1 billion of medicinal and pharmaceutical products to the US.
