President Trump announced the framework trade deal with the EU includes an initial small tariff on pharmaceuticals, which will rise to 150% and then 250% over time, aiming to bring drug manufacturing back to the US. He clarified a $600bn investment commitment from the EU is a gift for American investment, with potential tariffs of 30% if this commitment is not met. The European Commission asserted that any future pharma tariffs would cap at the agreed 15% rate, countering potential increases.
President Trump outlined details of the framework trade deal with the EU, mentioning a small tariff on pharmaceuticals that will increase significantly over the next one to one and a half years.
If the EU does not pay the $600bn commitment, it will face tariffs of 30pc, as Trump emphasized that the commitment is not a loan but a gift to invest.
Trump's threats of debilitating tariffs on the drug industry aim to compel manufacturing back to the US, as he demands significant cost reductions from major medicine suppliers.
The European Commission has stated that any new global tariff on pharmaceuticals will not be added to the existing 15pc tariff agreed upon in the framework deal.
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