Last Tuesday, Trump announced 100% tariffs on generic medicines imported into the US. By Wednesday, Indian pharma stocks were already falling even though the tariff doesn't take effect for two years.

Trump wants import companies to reshore their manufacturing to the US so that the country can secure life-saving medication in the event of global supply chain disruptions.

India supplies nearly 50% of all generic medicines consumed in America — birth control, antidepressants, hypertension treatments. The companies most exposed say shifting manufacturing to the US in two years isn't realistic. Building a viable generics ecosystem there takes at least five.

But someone has to absorb the cost. And Indian companies have already said that moving is not a realistic plan — for now. Which means the ones picking up the bill are not the ones Trump thinks.

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