"We know this will be concerning for industry, which is why we've been actively engaging with the US and will continue to do so over the coming days. Sectors such as pharmaceuticals are critical to our economy so we will continue to press the US for outcomes that reflect the strength of our relationship and deliver real benefits for UK industry."
"Lale Akoner, a global market analyst at eToro, said UK concerns may not be founded as the drug tariffs would only apply to those companies that do not have, or are not planning to have, manufacturing bases in the US. Investors see more bark than bite. Most global pharmaceutical giants, including Europe's Novo Nordisk, Novartis, Roche, and AstraZeneca, already have US plants under way, which likely keeps them out of the firing line, she said."
Donald Trump announced sweeping import tariffs due to start on 1 October, imposing 100% duties on branded drugs, 25% on heavy-duty trucks and 50% on kitchen and bathroom cabinets. The UK pharmaceutical sector remains excluded from the tariff deal agreed five months earlier and has not yet received the preferential treatment promised in May. The British government says it is engaging with US officials and will press for outcomes that reflect the bilateral relationship and benefit UK industry. Many major drug companies already have or are building US manufacturing sites, and Swiss firms Roche and Novartis do not expect to be hit.
Read at www.theguardian.com
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