📈 US Trade War: 100% Pharma Tariffs & Economic Fallout A year after Trump's "Liberation Day" tariffs, the trade war continues to reshape how American companies model economic and policy risk. Latest Developments: • US imposed 100% tariffs on foreign pharmaceuticals in early April • Supreme Court vacated IEEPA tariffs on Feb 20, 2026 • IMF completed Article IV Consultation — US grew 2% in 2025 despite disruptions • Global fuel volatility from Iran war adding to trade uncertainty Economic Impact: • Retail and auto industries retooling supply chains • Low-hire, low-fire labor market persists • Interest rate decisions remain data-dependent • Stock market resilient but analysts warn of bubble risks Yale Budget Lab is tracking real-time effects: tariff rates have fallen since the court ruling but the structural impact on global trade patterns is lasting. As one analyst put it: "Tariff may be the most beautiful word in the dictionary" for Trump, but American consumers and businesses are still paying the price.