Trump says he will use import restrictions to reduce drug prices
Speaking at the White House at an event with Republican politicians, Mr Trump pledged to reduce what consumers must pay for prescription drugs.
The US is the biggest market by sales for big pharma companies, and Europe and the US have interconnected supply chains for medicines with the pharmaceutical sector employing around 45,000 people in Ireland.
Total Irish exports were valued at €223.8 billion last year, with roughly one third going to the US.
Of the €72.6 billion in US imports from Ireland, approximately €58 billion relates to pharmaceuticals and chemicals leaving Ireland.
Pharmaceutical companies have previously expressed concern about the threat of tariffs and what they would mean for investment in Europe.
In April, a number of pharmaceutical companies sent a letter to EU Commission President Ursula von der Leyen, warning that the EU could lose €100bn in new investment unless there is a rethinking on regulation and pricing.
The letter was sent by around 30 CEOs of some of the largest pharmaceutical companies in the world.
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