U.S. Treasury Secretary Scott Bessent testifies before the House Appropriations Subcommittee on Financial Services.
READ MORE: https://www.thetimes.com/us/news-today/article/trump-announce-pharmaceutical-tariffs-two-weeks-7fxlr2r58
President Trump has said he plans to announce pharmaceutical tariffs “over the next two weeks” as he steps up his efforts to return supply chains and production of critical industries to the United States.
Trump started an investigation into the national security implications of pharma imports on April 1, seen as the precursor for protectionist policies designed to pressure global producers to set up in the US.
Import charges will have a particular impact on companies based in Britain and Ireland, which have large trade surpluses with the US of the kind that Trump is determined to eradicate. Pharmaceuticals are one of the UK’s top exports to the US, worth £6.5 billion last year.
The UK-based GSK and AstraZeneca, the two largest patented drugs companies on the London stock exchange, have joined a frantic lobbying campaign that succeeded in winning temporary relief for pharmaceuticals from Trump’s 10 per cent baseline tariff on almost all nations and most other exports.
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