> Pharma products were previously tariff-free under a WTO agreement that is based on the principle that life-saving items shouldn't face any tariffs. Looks like this exemption is now also being eliminated
Pharma along with semiconductors is still exempted.
The biggest hit this has is on textiles and apparel as those were industries that have almost no NAFTA/USMCA presence anymore.
Electronics will be a mixed bag as most US origin electronics assembly was already returning to Mexico due to Zero COVID in China (20-23) and Vietnam (20-21), or moving to India (26% tariff) and Malaysia (20% tariff)