US Delays Pharma Tariffs, Exempts EU
The US government is preparing to impose tariffs on pharmaceutical companies that refuse to relocate production to the US or reduce prices. The move, initially announced by President Donald Trump, has been delayed and now excludes the European Union.
Originally planned to take effect from October 1, 2021, the tariffs were intended to target branded drugs and patented medicines imported into the US. Companies could avoid these tariffs by establishing a production site in the US. However, the US government has since delayed the implementation of these new tariffs.
In a shift in policy, the European Union will be exempt from the latest tariff rules for pharmaceutical products. Imports from the EU will continue to be subject to a 15 percent tariff, as previously agreed.
The US government's decision to impose tariffs on pharmaceutical companies that do not meet its conditions has been delayed, with the European Union exempt from the new rules. The impact on global pharmaceutical markets and pricing remains to be seen.
