"The UK and the US have agreed a deal to keep tariffs on UK pharmaceutical shipments into America at zero. Under the agreement the UK will pay more for medicines through the NHS in return for a guarantee that US import taxes on pharmaceuticals made in the UK will remain at zero for three years. The deal comes after US President Donald Trump threatened to raise tariffs to as high as 100% on branded drug imports."
"Earlier this year, US president Donald Trump announced massive increases to taxes on goods imported to the country, which he argued would create jobs and boost American manufacturing. The White House exempted pharmaceuticals from that round of tariffs, and later signed a deal with the UK to remove some trade barriers between the countries and reduce levies on most goods exported to the US to 10%."
"The White House has repeatedly threatened to raise tariffs on medicines, citing concerns about the country's reliance on medicines made overseas. Trump has also argued that US consumers effectively subsidise medicines for other developed countries by paying premium prices for those drugs, pushing for other countries to pay more. White House spokesman Kush Desai said the agreement with the UK was a "historic step towards ensuring that other developed countries finally pay their fair share"."
The UK and the US agreed to keep tariffs on UK pharmaceutical shipments to the US at zero for three years in exchange for the UK increasing NHS medicine spending and raising price thresholds for new treatments. The UK will raise the price threshold for deeming new treatments too expensive by 25% and aims to increase NHS medicine spending from 0.3% to 0.6% of GDP over the next ten years. The agreement follows US threats to impose tariffs up to 100% on branded drug imports and seeks to shift more medicine costs onto other developed countries.
Read at www.bbc.com
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