Potential 100% Tariff Should Largely Be Avoidable With US Based Manufacturing Buildout J P M O R G A N North America Equity Research 25 September 2025 US Large Cap BioPharma Today, President Trump announced that branded / patented pharma products will be subject to a 100% tariff, effective October 1, unless a company is building their mfg. plant in America (defined as breaking ground / under construction). Overall, while there remains very limited details, we note that this will likely lead to a majority of ...

The US will impose a 100% tariff on branded or patented pharmaceuticals, President Donald Trump announced Thursday https://t.co/ExMcJ2tHAt ...

The US will impose a 100% tariff on branded or patented pharmaceuticals, President Donald Trump announced Thursday https://t.co/bIe18QfW7Q ...

President Donald Trump plans to impose a 25% tariff on heavy trucks starting Oct. 1 https://t.co/tZVMBE5RqD ...

European Parliament President Roberta Metsola said she expects the bloc’s lawmakers to give their blessing to a political deal struck with Washington that puts a 15% tariff on nearly all EU exports to the US https://t.co/3pInRXVu0s ...

Thailand’s exports grew at the slowest pace in almost a year as US tariff impact began hurting demand for it products https://t.co/Dk4dQIrXHv ...

Inflation Risks - Near-term inflation risks are tilted to the upside, presenting a challenging economic situation [1] - Tariffs' impact on inflation has been modest, with retailers and importers absorbing costs rather than passing them to consumers [3] - The pass-through of tariff costs to consumers has been slower and less significant than expected, creating uncertainty about future inflation trends [4] Labor Market - Employment risks are tilted to the downside, indicating potential challenges in the labor market [1] - The labor market exhibits weakness with low job creation, although the unemployment rate and quits rate remain low [5] - The labor market has reached an unusual stability characterized by lower demand and supply for workers, posing a downside risk [6] Revenue Collection - The federal government is collecting substantial revenue, estimated at a pace of 300 to 400 billion USD per year [1] - The source of tariff payments is uncertain, with potential candidates including foreign exporters, domestic companies, retailers, or end consumers [2] Monetary Policy - The responsible approach involves monitoring and waiting to avoid making mistakes on inflation [5] - Inflation control is a key mandate, requiring careful observation of economic developments [4]

Can FedEx take on Amazon business again while boosting both revenue and profit margin? We’ll know once the tariff noise subsides, @tomwblack says (via @opinion) https://t.co/MLhvbB7tgO ...

Tariff revenue is climbing in the US. The mystery: are consumers, companies, or trading partners absorbing the hit? https://t.co/8OKpAs0uKc ...

China’s export dominance remains intact despite Trump’s tariff barriers https://t.co/42qSrybgte ...