New Delhi, April 3 -- US President Donald Trump on Thursday (April 2) signed an executive order imposing sweeping new tariffs on imported branded pharmaceuticals, marking a major escalation in his administration's efforts to reduce drug prices and boost domestic manufacturing.

Under the order, a 100% tariff will be applied to branded pharmaceutical imports unless manufacturers agree to government-backed pricing arrangements or shift production to the United States. The policy targets high-cost patented drugs that are produced overseas and sold at significantly higher prices in the US compared to other developed markets.

Trump had threatened to enforce the tariff last year.

The administration has given pharmaceutical companies a limited...