RBA deputy warns of Brexit-scale impact as Trump threatens 200% tariffs on foreign pharmaceuticals

<p>Andrew Hauser says it is ‘puzzling’ investors not more concerned by tectonic economic shifts emanating from Washington</p><ul><li><p><a href="https://www.theguardian.com/australia-news/live/2025/jul/09/erin-patterson-tga-sunscreen-childcare-sector-victoria-ntwnfb">Follow our Australia news live blog for latest updates</a></p></li><li><p>Get our <a href="https://www.theguardian.com/email-newsletters?CMP=cvau_sfl">breaking news email</a>, <a href="https://app.adjust.com/w4u7jx3">free app</a> or <a href="https://www.theguardian.com/australia-news/series/full-story?CMP=cvau_sfl">daily news podcast</a></p></li></ul><p>Labor is making urgent representations to the White House about Donald Trump’s threat to impose <a href="https://www.theguardian.com/us-news/2025/jul/08/trump-tariffs-trade-war-confusion">200% tariffs on drug imports to the US</a>, amid growing warnings the US president’s growing trade war will seriously damage the global economy.</p><p>Trump said on Wednesday that the punishing new border levies would be announced “very soon” and come with a transition period that could last more at least a year, after sustained pressure from the US pharmaceutical industry over price controls on common drugs in countries like Australia.</p><p><strong><a href="https://www.theguardian.com/email-newsletters?CMP=copyembed">Sign up for Guardian Australia’s breaking news email</a></strong></p> <a href="https://www.theguardian.com/business/2025/jul/09/australian-government-urgently-seeking-more-detail-after-trump-flags-200-tariffs-on-foreign-pharmaceuticals">Continue reading...</a>