Australia worried by Trump threat to raise U.S. pharma tariffs to 250%

Australia is very concerned about U.S. President Donald Trump's latest threat to raise tariffs on pharmaceutical imports by up to 250% over the longer term, its health minister said on Thursday.

Trump said this week that the United States would first impose a "small" tariff on foreign-made drugs before hiking it to 150% within 18 months and eventually to 250% in an effort to boost domestic production.

Mark Butler said the plan would be a blow to producers such as CSL, opens new tab, Australia's largest biotech company.