The mechanism: On April 2, 2026, the White House invoked Section 232 to slap a 100% tariff on imported patented pharmaceuticals and their active ingredients — but built in an escape hatch. Companies that sign onshoring-manufacturing commitments plus most-favored-nation pricing deals pay 0% through January 2029; onshoring-only gets 20%, rising to 100% by 2030. Generics and biosimilars are exempt "at this time" — except Commerce must report back within one year on whether to extend the tariff regime to them. That review clause, not the headline 100% number, is the actual trade. Wall Street priced the tariff news as a branded-pharma story. It isn't. LLY, MRK, and PFE already cut the deal that neutralizes it. The unpriced risk sits one rung down the supply chain, in generic and API-dependent names with no onshoring leverage and no pricing chip to trade.