We’re all sick of tariff talk, but no one can afford to look away yet. President Donald Trump said he’ll announce taxes on foreign-made pharmaceuticals “very shortly,” promising they’ll reorder the global supply chain for the U.S.’s benefit. 

“[W]hen they hear that, they will leave China,” Trump said this month. “They will leave other places because they have to sell — most of their product is sold here and they’re going to be opening up their plants all over the place.”

Not all economists agree that the tariffs would have a positive impact on how the U.S. makes and consumes drugs, but the general consensus is that they would likely change the way leaders think about their business strategies. Today, we’re exploring the capital allocation shifts pharma executives are considering with tariffs on the table and the potential tumult they bring.

Thanks for reading.