The threat of a US tariff on Indian pharma is no longer a vague fear; or at least that is what President Trump wants us to believe. There is now an announcement, and a deadline, giving enough scope for him to wriggle out of what he has said. But an announcement and a real change to the business are two different things. Here is why the second may be much smaller than the first.

Analysts warn the levies could disrupt global drug supply chains, push up medicine prices for Americans and force Indian drugmakers to rethink their manufacturing strategies.

Friends discuss the impact of proposed tariffs on generic drugs, highlighting potential consequences for Indian companies and US consumers.