The US plans to impose tariffs on pharmaceuticals, escalating from an initial small rate to 150% within one to one-and-a-half years, and eventually to 250%. The shift aims to encourage domestic production, as many pharmaceutical companies currently benefit from lower costs abroad. Despite mixed reactions, an EU-US deal was defended for averting a trade war. Ireland's significant corporate tax revenue contrasts with America's fiscal challenges, prompting concern over exaggerated projections of future tax revenues. The situation highlights ongoing tensions between US and European economic strategies, especially regarding industry and trade policies.
"We'll be putting an initially small tariff on pharmaceuticals, but in one year - one-and-a-half years, maximum - it's going to go to 150pc and then it's going to go to 250pc because we want pharmaceuticals made in our country."
"They [pharmaceutical companies] make a fortune with pharmaceuticals, and they make it in China and Ireland and everything else."
"We chose the less bad option and we feel this is the better choice," an EU official told the Financial Times. "We're very clearly operating in a second-best world."
"There is good reason why Ireland is the envy of Europe and a thorn in the side of the US president. Revenue figures have shown €156bn of corporate tax has flowed into the Exchequer in just 10 years."
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