Swamp Notes

Big Pharma’s big tariffs

16 min • 12 juli 2025

When US President Donald Trump threatened 200 per cent tariffs on foreign-made pharmaceuticals, investors responded like it was a placebo. It’s the latest spat between drugmakers and an administration that share a complicated relationship. The FT’s Hannah Kuchler and Patrick Temple-West explain why Trump and Big Pharma aren’t getting along, and what that prescribes for the future of the industry.


Mentioned in this podcast:

Email Marc your questions (Marc.Filippino@ft.com)

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Swamp Notes is produced by Henry Larson. Topher Forhecz is the FT’s executive producer. The FT’s acting co-head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. 


CREDIT: The White House, Roll Call


Read a transcript of this episode on FT.com


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