Donald Trump vows to unleash ‘every tool in our arsenal' in price row with British drug firms
TRUMP THREAT Donald Trump vows to unleash 'every tool in our arsenal' in price row with British drug firms
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DONALD Trump insists he will unleash 'every tool in our arsenal' if British drug companies don't cut their prices within 60 days.
The US President waged war with a total of seventeen firms demanding 'binding commitments' to match the lower prices offered to developing countries.
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The move comes as the White House hit dozens of countries with a fresh slew of tariffs including punishing levies on neighbour Canada.
Two UK drug firms, AstraZeneca and GSK, caught up in the pharma row saw their share price drop as Trump aims to lower prices for American citizens.
The move could even have damaging consequences for the NHS whose leverage with suppliers due to its size could be reduced.
Mr Trump has demanded the firms apply their 'most favoured nation' rates to Medicaid which is the health system for low-income Americans.
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He said: 'Make no mistake: a collaborative effort towards achieving global pricing parity would be the most effective path for companies, the government, and American patients.
In a letter to the firms, he said: 'But if you refuse to step up we will deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices.
'Americans are demanding lower drug prices, and they need them today.'
Around £16 billion was wiped off shares in the sector across Europe as fears grow higher prices in the rest of the world will fund the US reductions.
The move comes after Trump said back in May that he wanted drug prices in the US to be reduced by 80 per cent.
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But experts appeared wary that he has the authority to reduce prices and a previous effort in his first term failed in court.
At the time, he said the tactics were 'subsidising socialism' abroad in paying for the same pills from the same factories, which led to spiralling prices at home.
The warning came as Mr Trump signed an executive order applying a wave of tariffs to 68 countries and the European Union.
Canada was hit with levies – up to 35 per cent from 25 per cent - due to its lack of co-operation in stopping flow of illegal drugs and fentanyl into America.
Their PM Mark Carney said that his country was 'making historic investments in border security to arrest drag traffickers and end migrant smuggling'.
Switzerland will also keep negotiating with the US after their tariff rate hit 39 per cent, which was far higher than they anticipated.
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