The United States and the European Union published new details on Thursday of the trade agreement that takes effect on September 1, which includes tariff levels for basic consumer products such as pharmaceuticals and cars. The measure officially establishes a 15% tariff on pharmaceuticals from the EU, a major source of US drug imports.

While generic drugs will be exempt from the new agreement, meaning those drugs will face a tariff of approximately 2.5%, which was in place before the Trump administration.

The move ruled out the possibility of a higher tariff on pharmaceuticals, on which Trump had previously threatened levies as high as 250%.

Americans concerned about rising prices

The new information about product-specific levies and additional European commitments has implications for consumers and businesses across a broad sector of the US economy.

Notably, pharmaceuticals account for about a quarter of US imports from the EU, in terms of total value, Jason Miller, a professor of supply chain management, told ABC News. supply chain at Michigan State University.

Already concerned about sky-high prices for eggs and gasoline, Americans now face upcoming price increases for medications and health insurance.

What are consumers' alternatives?

Consumers face several alternatives if drug prices increase due to new tariffs:

Find alternative suppliers or countries with lower tariffs: Importers can look to purchase medications or pharmaceutical ingredients from countries with no or lower tariffs, seeking to lessen the impact on prices.

Opt for generic and substitute medications: Although generic medications would also be affected by tariffs, they usually have a lower base cost than brand-name medications, which can make them a more affordable option in the event of price increases.

Demand supportive public policies: In some cases, they can pressure governments to implement appropriate fiscal policies to encourage domestic production or subsidies to mitigate the impact of tariffs and avoid shortages.

Review insurance coverage or health plans: In regions with insurance or health plans, adjusting coverage to include alternative medications or negotiating better conditions can help control expenses in the face of increases.

Consider therapeutic alternatives: Consulting with doctors for alternative treatment options that may be cheaper or less affected by tariffs is also an option.

Prepare for possible reductions in variety and availability: Due to tariffs, some brands could withdraw products if they are no longer profitable, which would reduce commercial assortment and would limit the options available to consumers.