Australia’s Chalmers Calls Proposed 200% US Drug Tariff Self-Harm

Australian Treasurer Jim Chalmers said Canberra is assessing the potential fallout from a proposed 200% US tariff on pharmaceutical imports, warning the measure would be “self-defeating” and amount to an act of economic self-harm. Chalmers added that Australia’s drug subsidies under the Pharmaceutical Benefits Scheme are not on the table in trade discussions, insisting there is “zero chance” the PBS will become part of any negotiations with Washington. While the tariff threat has drawn attention, Chalmers argued that softening global demand and broader economic uncertainty pose a bigger risk to growth, cautioning that sweeping trade barriers could further undermine the world economy.