For weeks, Donald Trump has been melting down the global economy and rupturing relations with some of America’s closest trade allies. Now, all he has to show for it is a single agreement that helps billionaire owners of tech companies like Google instead of American middle-class families.
Trump’s chaotic trade policy still leaves a 10% baseline tariff on the U.K. and dozens of other countries worldwide, driving up prices on everyday goods for American families. In addition, a massive 25% tariff is still in place for the country’s biggest trading partners like Canada and Mexico, raising prices on everything from tomatoes to lumber.
The agreement with the U.K. doesn’t rule out additional tariffs on pharmaceutical drugs, which Trump has suggested could be as high as 200%. The U.K. exported $8.1 billion in pharmaceuticals to the U.S. in 2023.
A recent analysis showed that a 25% U.S. tariff on pharmaceutical imports would increase U.S. drug costs for Americans by nearly $51 billion annually. Industry experts also warn that steep tariffs will cause supply disruptions for Americans trying to manage their health needs.
“Donald Trump is pulling a desperate stunt to trick the world into thinking he’s fixing the economic chaos he created, but the turmoil still very much exists for American families and small businesses struggling to navigate higher prices and economic uncertainty,” said American Bridge 21st Century spokesman Brandon Weathersby. “It took over a month for Trump to cobble together a deal that mainly benefits workers in the U.K. and billionaire CEOs in Silicon Valley – all while Republicans tell American families to get used to paying more and having less. It’s a supreme betrayal of the middle class who were promised a golden economic age of progress and a limitless future for their children.”
Published: May 8, 2025 | Last Modified: May 12, 2025