Internationalism No. 83, January 2026 Page 13 From the series Industry and pharmaceuticals The Trump administration wielded the sword of tariffs against pharmaceutical companies, with the declared aim of bringing productive activities back to America . The largest multinational life sciences firms responded with investment announcements — estimated to total $400 billion. It is not always clear whether these are entirely new allocations or whether they include capital already committed to earlier expansion plans in the US market. In any case, the expected increase in pharmaceutical manufacturing capacity in the US will take a few years to materialise. The administration nevertheless emphasised the Trump effect . The relocation of production lines to existing or newly built plants relates to some branded drugs protected by patents. Generics, which account for 90% of prescriptions in America, are not affected. Global supply chains ...