In a social media post last night, President Trump announced that: “Starting October 1st, 2025, we will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America. ‘IS BUILDING’ will be defined as, ‘breaking ground’ and/or ‘under construction.’ There will, therefore, be no Tariff on these Pharmaceutical Products if construction has started.” While many of the largest pharmaceutical companies have in recent months pledged billions of dollars to build or expand U.S. manufacturing operations, it may not be sufficient to exempt companies from the impending tariffs if construction of these domestic facilities has not commenced by October 1st.