EU Secures Relief: 15% Tariff Ceiling on US Pharmaceuticals
The European Commission achieved a significant victory by securing a 15% cap on U.S. tariffs for European pharmaceuticals. This protective measure guards European enterprises against potential excessive tariff hikes imposed by the U.S., ensuring continued trade stability amidst broader U.S. tariff plans announced by President Trump.
- Country:
- Belgium
The European Commission announced a breakthrough on Friday, revealing it negotiated a 15% ceiling on U.S. tariffs affecting European pharmaceuticals. This move acts as a safeguard for European companies, providing stability in the face of uncertain international trade relations.
A Commission spokesperson conveyed that the United States plans to ensure that tariffs on European-originating pharmaceuticals, semiconductors, and lumber under Section 232 actions will not surpass the 15% mark. This development comes as a reassurance to European stakeholders in these sectors.
This news follows U.S. President Donald Trump's announcement on Thursday of new tariffs impacting various imports, including a hefty 100% duty on branded drugs, set to take effect in the following week. The European Commission's action works to assure a more predictable trading environment between the European Union and the United States.
(With inputs from agencies.)
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