Trump threatens new tariffs on generic drug makers to take effect in two years

U.S. President Donald Trump has set his sights on generic drug imports into the U.S. amid the latest bout of trade tensions between Canada and the U.S. 

In a social media post, Trump said that as of Aug. 1, 2028, generic drugs being brought into the U.S. will face a 100 per cent tariff, which will rise to 200 per cent a year later. 

Trump says the policy is aimed at bringing generic drug production back to the U.S. 

According to market research firm Orion Market Research, the North America generic drug market was valued at US$176.6 billion in 2024 and is projected to reach US$315.5 billion by 2035.   

Shares of Toronto-based generic drug maker Apotex Health Corp., which is the largest Canadian generic drug company, fell more than 10 per cent in late morning trading. 

The latest round of trade tensions began Monday after Trump signed a series of executive orders that would impose a separate 50 per cent tariff on a range of goods coming from Canada.

This report by The Canadian Press was first published July 22, 2026.

Companies in this story: (TSX:APTX)

By Daniel Johnson | Copyright 2026, The Canadian Press. All rights reserved.