Pharmaceutical products will be spared from sweeping tariffs on major U.S. trade partners for now, a small victory for drug companies who have been lobbying for an exemption from levies.
President Donald Trump on Wednesday announced the reciprocal tariffs on more than 60 countries, including members of the European Union and Switzerland. Trump has in the past said tariffs specifically targeting the pharmaceutical industry would come “soon.”
Drugs and other products, including some already subject to other tariffs, aren’t subject to the new levies, according to a fact sheet released by the White House. The pharmaceutical industry may be subject to other tariffs in the future, however.
“We are going to produce the cars and ships, chips, airplanes, minerals and medicines that we need right here in America,” Trump said when announcing the new tariffs. “The pharmaceutical companies are going to come roaring back, they are coming roaring back, they are all coming back to our country because if they don’t they got a big tax to pay. And if they do, I’ll be very happy.”
U.S. President Donald Trump’s reciprocal tariffs on trading partners are set to take effect today, a day he has proclaimed as “Liberation Day” for American trade. CTV News has extensive coverage across all platforms:
- CTVNews.ca has in-depth coverage, real-time updates, and expert analysis on what the tariffs will mean for Canadians.
- CP24.com has developments out of Queen’s Park and what the tariffs mean for the people of the GTHA.
- BNNBloomberg.ca has what this means for the business community, investors, and the market.
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