Latest news with #Article232
See - Sada Elbalad
6 days ago
- Business
- See - Sada Elbalad
Trump Threatens to Raise Pharma Tariffs to 250%
Taarek Refaat President Donald Trump told Squackbox on Tuesday that planned pharmaceutical tariffs imported into the United States could eventually reach 250%, the highest threat to date, according to CNBC. He added that he would initially impose "small tariffs" on medicines, then raise them to 150%, then to 250%, within a year or a year and a half maximum. The president has repeatedly threatened, then changed course on tariff proposals, so there is no guarantee that he will eventually set tariffs on drugs at 250%. In early July, Trump threatened to impose tariffs of 200% on drugs. In April, the Trump administration launched a so-called Article 232 investigation on pharmaceutical products, a legal authority that allows the Commerce Secretary to investigate the impact of imports on national security. The tariffs are an attempt by the president to motivate pharmaceutical companies to move manufacturing operations to the United States at a time when the manufacture of drugs locally has seen a sharp contraction over the past few decades. Over the past six months, companies such as Ellie Lily and Johnson & Johnson have announced new U.S. investments to strengthen their ties with the president. 'We want the pharmaceutical industry in our country,' Trump told CNBC. The planned tariffs will deal a major blow to the pharmaceutical industry, which has warned that tariffs could raise costs, hinder investments in the United States, and disrupt the drug supply chain, putting patients at risk. Pharmaceutical companies are already facing the repercussions of Trump's drug pricing policies, which they argue threaten their profits and their ability to invest in research and development. That includes Trump's executive order in May that revives a controversial plan, a 'most-preferred-country' policy, which aims to reduce drug costs by peging the prices of some drugs in the United States to prices much lower abroad. On Tuesday, Trump told CNBC that he "did" the "most-favoured nation" policy, and that this would have a "huge impact on drug prices." However, Trump has not officially implemented any changes to the executive order. Last week, Trump sent letters to 17 pharmaceutical companies calling on them to commit to taking steps to reduce the prices of US drugs by September 29. This includes agreeing to provide their entire range of existing drugs at the lowest price provided in other developed countries for each patient benefiting from the Medicaid program, among other steps, while some pharmaceutical companies have announced that they are reviewing messages. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
Euractiv
28-07-2025
- Business
- Euractiv
Uncertainty is far from over, says Belgium's pharma sector
Agreement was reached on Sunday between the United States and Europe on import duties, but the details are still being worked out. 'There is still a great deal of uncertainty, particularly about the impact on the pharmaceutical sector,' told Euractiv. Confusion arose after US President Donald Trump and European Commission President Ursula von der Leyen gave seemingly conflicting statements on the inclusion of medicines in the agreement. 'President Trump stated that medicines are excluded from the agreement. However, the official statement from the European Union refers to a 'clear ceiling' of 15% on tariffs on pharmaceutical products,' told Euractiv. Red flag raised 'During a press conference, President von der Leyen confirmed the 15% tariff. She added: 'Whatever decisions the American president makes later is another story,' referring to the ongoing investigation under Article 232,' said. The lack of clarity raises concerns in Belgium, home to one of the most robust pharmaceutical sectors in Europe. 'It is clear that the pharmaceutical sector is strategically important. Firstly, because of the enormous added value it brings to public health. But also because of its innovative strength, its positive contribution to productivity and, certainly in Belgium, its significant economic footprint (employment, investment, added value).' Belgian Prime Minister reacts cautiously Belgian Prime Minister Bart De Wever responded cautiously to the announcement on social media platform X. "As we await full details of the new EU–US trade agreement, one thing is clear: this is a moment of relief but not of celebration. Tariffs will increase in several areas, and some key questions remain unresolved." He praised Commission President von der Leyen's efforts, while urging a return to global openness: "I hope the United States will, in due course, turn away again from the delusion of protectionism and once again embrace the value of free trade – a cornerstone of shared prosperity." 'This deal doesn't make Europe stronger' Belgian MEP Kathleen Van Brempt voiced strong opposition to the agreement, warning in a statement of long-term strategic risks for Europe: 'Nobody benefits from a trade war. But that doesn't mean every deal is a good deal. And at first glance, there are plenty of reasons to be deeply critical of the current agreement.' She criticised the EU for conceding to pressure: 'Trump's illegal tariff war violates virtually every international trade rule in existence. Instead of drawing a clear red line, taking countermeasures, and pursuing legal action, Europe is bowing to this brutal power play.' Van Brempt questioned the value of the trade-off: 'Additional import tariffs on chips, cars and medicines, while the existing 50% tariffs on steel and aluminium, two sectors already under heavy pressure, remain unchanged. How does that make Europe stronger? And what exactly does our industry get in return?' She warned the deal could increase EU dependency: 'This deal doesn't make Europe stronger, it makes us more dependent. On their markets, their energy, their weapons. The billions we're now expected to invest in LNG and arms will be used by the US to invest in clean tech and national security.' Van Brempt concluded with a broader warning: 'This is a dangerous signal for rules-based trade. If we keep bending to coercion, we're not just undermining multilateralism, we're undermining ourselves. In the coming days, we must scrutinise every detail of this deal. But any deal that harms Europe in the long run and mortgages our future must go back to the drawing board.' Innovation framework under strain Current conditions could threaten Belgium's leadership in life sciences, warned. 'Innovation can only be successful within a strong and healthy market. At present, we note that the investment framework is lagging in this respect. This threatens to undermine Belgium's position as a leading region in the innovative pharmaceutical sector, as well as that of Europe.' To address these concerns, the industry association is urging a broader EU strategy, advocating for a European life sciences strategy that 'not only promotes a business-friendly climate but also works to strengthen intellectual property rights.' The organisation also drew attention to the issue of patient access to innovation. 'Europe, and Belgium in particular, is also lagging behind the United States in terms of making innovative medicines available. In the renewed multi-year framework for medicines, the Belgian government wants to work on a mechanism for earlier and faster reimbursement of promising medicines, but the budgetary scope is very limited. However, without valorisation, there can be no innovation.' [Edited by Vasiliki Angouridi, Brian Maguire]
