John Whelan: Another tariff escape for Ireland's pharma companies
Pharma firms will have up to a year and a half to shift production to US before facing crippling tariffs but consequences for manufacturing here could still be dire
Industry executives are taking comfort from Donald Trump's statement that he is giving pharmaceutical companies up to a year and a half to shift their production to the US. File picture: Philip Toscano
The pharmaceutical industry appears to have once again avoided the US tariff chaos, created by US president Donald Trump’s letter addressed to European Commission president Ursula von der Leyen, posted Saturday on his social media platform, Truth Social.
His threat to raise tariffs on European products to 30% starting on August 1, is widely seen as a gambit to force the hand of the European Commission who have already responded with a written statement, saying “we remain ready to continue working towards an agreement by August 1,” adding that “at the same time, we will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required”.
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