EU-US Trade Agreement Amidst Tariff Turbulence
Ireland's trade minister reaffirmed that the EU-US agreement capping pharmaceutical tariffs at 15% stands, despite Trump's recent tariff hikes. The August agreement remains intact, highlighting its importance. Trump's move to impose 100% duties on various goods, including branded drugs, led to a dip in pharmaceutical shares globally.
- Country:
- Ireland
In light of recent developments in international trade, Ireland's trade minister asserted that the existing European Union agreement with the United States, which caps tariffs on pharmaceuticals at 15%, remains unaltered. This statement comes in response to U.S. President Donald Trump's announcement of increased tariffs in the sector.
Simon Harris, the trade minister, emphasized that the EU and U.S. joint declaration from August 21 explicitly confirmed that any new tariffs on pharmaceuticals exported from the EU would not exceed 15%. Harris highlighted the ongoing relevance of this agreement amid the latest U.S. tariff measures.
The U.S. administration's decision, which includes 100% tariffs on a wide array of imported goods like branded drugs, has already impacted global markets, causing a notable decline in the shares of pharmaceutical companies in Asia and Europe.
(With inputs from agencies.)
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