Watch the pharmaceutical line

The effective tariff rate on pharmaceutical imports has never exceeded 0.57% in the sixteen years of the series. It printed 0.163% in June 2026.

A Section 232 duty of 100% on patented drugs took effect on July 31, 2026 for the companies listed in Annex III of the proclamation; phase two, for all other companies, lands on September 29. Generics and biosimilars are excluded. The July data contains one day of the new duty. The first full month is August, which prints on October 6.

This is not a forecast. A measurement instrument is about to record something, and the date is known. Series: ETRX-PHARMA. Source for the dates: 91 FR 18183, verified against the Federal Register text.

Research and commentary. Not investment advice. The index itself: the current print.