US President Donald Trump's fresh tariff hike on branded pharmaceuticals could dampen investment and research in Australia's $2.6 billion export industry.

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On Friday, Mr Trump said the US would place a 100 per cent tariff on branded or patented pharmaceutical product imports from October 1 unless a pharmaceutical company was building a manufacturing plant in the US.

There are fears Australian biotech CSL - one of the country's largest companies - and several other local industry players could be hurt by the move, which

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