At a fundraising dinner for Republicans at the National Building Museum, Trump emphasized the potential security threat from the country's dependence on imported finished medicines from India, Europe, and China.

"We're going to be announcing very shortly a major tariff on pharmaceuticals. And when they hear that, they will leave China," he told the crowd.

Last week, Trump imposed tariffs on more than 180 countries as part of a broad effort to bring manufacturing back to the U.S. He imposed a baseline tariff of 10%, but exempted some goods like derivatives of steel and aluminum that are already subject to Section 232 of the Trade Expansion Act, as well as automobiles and parts subject to Section 232.

During drug shortages in the summer of 2024, supplies of more than 300 common pharmaceuticals were threatened. At a panel discussion hosted by The Hill last year, Rep. Larry Bucshon (R-Ind.) estimated that only 20% to 25% of drugs are made in the United States.