A duty on imports; a tool in trade policy
On April 2, 2026, President Trump signed executive orders imposing up to 100% tariffs on foreign-made patented pharmaceuticals that do not meet pricing or US manufacturing conditions. Companies with pricing deals and US production face zero tariffs; others face escalating tariffs over four years. The orders also revise tariffs on steel, aluminum, and copper products to be based on full US market value.
President Trump has completed a two‑day state visit to Beijing with US business chiefs, holding talks with Xi Jinping on trade, Taiwan, Iran and AI. Leaders have agreed to set up trade and investment councils; Trump has touted unspecified "fantastic" deals including a reported 200‑plane Boeing order while Chinese statements remain cautious.
A U.S. appeals court has paused a lower court ruling that found Trump-style Section 122 tariffs illegal, while debates over the authority and impact on consumers continue. The decision comes as refunds of previously imposed tariffs are being processed and a July expiration date looms or could be extended by Congress.
The EU has reached a compromise to enact the Turnberry trade accord with the United States, which has pledged to cap many U.S. duties on European goods at 15% while the EU will remove tariffs on U.S. industrial and some farm products. European institutions are racing to complete legislation before a July 4 deadline and recent U.S. tariff moves are hardening opposition in the Parliament.
President Trump is touring Wisconsin to shore up support for Republican Derrick Van Orden ahead of the November elections. He has framed farm prices, tariffs, and the Iran conflict as central campaign issues, while opponents warn of political overreach amid a tight race.
At Evian-les-Bains, G7 leaders press Trump to help break deadlock over Ukraine while eyeing renewed sanctions on Russia and pursuing a broader Iran endgame. Zelenskyy attends sessions on Ukraine; Macron seeks consensus and European autonomy amid tensions over U.S. engagement and Iran diplomacy.
The Supreme Court has issued several rulings this term and remains poised to decide pivotal cases involving presidential power, birthright citizenship, and independent agency leadership before its summer recess. The term has featured blockbuster matters as justices weigh limits on executive action, with key decisions still to come.