White House Clarifies Recent Pharmaceutical Tariffs Exempt Countries with Trade Agreements: Report
Synopsis
According to a Reuters report cited by TradingView, a White House official stated that the Trump administration will honor the 15% pharmaceutical tariff cap for trade partners such as the EU and Japan, as outlined in existing agreements.
A White House official reportedly said on Friday that countries with existing trade agreements with the U.S. would be exempt from the recently announced pharmaceutical tariffs.
According to a Reuters report cited by TradingView, when asked whether pharmaceutical tariffs would apply to trading partners such as the European Union and Japan, which already have trade deals, the official stated that the Trump administration would honor the 15% cap as part of those pacts.
The clarification comes after President Donald Trump on Thursday announced a 100% tariff on imported, branded, and patented pharmaceutical drugs starting October 1. In his Truth Social post announcing the tariffs, Trump only highlighted that an exception would be made for any company that is “IS BUILDING their Pharmaceutical Manufacturing Plant in America.”
He explained that “is building” refers to “‘breaking ground’ and/or ‘under construction’.”
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