Australia Challenges Trump's Tariff Threats on Pharmaceuticals
Australia's health minister has expressed concern over U.S. President Donald Trump's plan to raise tariffs on pharmaceutical imports, potentially up to 250%. This move could negatively impact Australian biotech firms like CSL. Despite these threats, Australia remains committed to its Pharmaceutical Benefits Scheme and free trade policies.
- Country:
- Australia
Australia has voiced its concern over U.S. President Donald Trump's proposed tariff hikes on pharmaceutical imports. Trump plans to incrementally increase tariffs on foreign-made drugs, aiming for a 250% rise to boost domestic production.
Health Minister Mark Butler highlighted the potential repercussions for Australian biotech companies, notably CSL, and emphasized the country's commitment to maintaining free trade.
While Australia is a major exporter to the U.S. in this sector, it maintains its stance on the Pharmaceutical Benefits Scheme, resisting changes despite criticisms from U.S. industry groups.
(With inputs from agencies.)
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