Stockholm – President Donald Trump has retreated from his previous threats to impose even higher tariffs on various products, including pharmaceuticals, as stated by the White House.
Pharmaceuticals and semiconductors from EU nations will not encounter tariffs exceeding 15 percent, a notable reduction from the previously threatened 250 percent on pharmaceuticals. Generic drugs might face even lower tariffs, estimated between 0 and 2 percent, according to the announcement.
“This is a positive development, and we appreciate it, but the risk remains,” said Sofia Wallström, CEO of Lif, the Swedish organization representing research-based pharmaceutical companies, to TT.
“While the maximum tariff of 15 percent, instead of 250 for pharmaceuticals, is a relief, it still represents a high tariff rate,” she added.
The EU could also benefit from reduced tariffs on automobiles, as outlined in a joint statement from the USA and the EU. If the EU lifts tariffs on American cars, the USA will reduce import tariffs for European car manufacturers to 15 percent, down from the current 27.5 percent imposed on European vehicles.
(August 21)
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