US PRESIDENT Donald Trump's intended tariffs, including a 200% impost on imported pharmaceuticals, caused the Australian stock market to plunge with yesterday's announcement that tariffs would be in place "probably at the end of the month".
The ASX 200 fell by 85 points, or around one percent, but has since rallied.
Trump flagged that tariffs on pharmaceutical products will start at a lower rate, and grow to 200% after companies have had the chance to move manufacturing to the US, but no further details were given.
Pharmaceutical products are the third-biggest category in Australia's exports to the US, including plasma exports from biotech giant CSL, while medical instruments are the fourth largest.
The Australian Government has reiterated that the PBS is not up for negotiation, with the Opposition stating it will work with the Government to safeguard the scheme.
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