Pharma products were previously tariff-free under a WTO agreement that is based on the principle that life-saving items shouldn't face any tariffs. Looks like this exemption is now also being eliminated and will probably cause the prices of drugs and treatments in the USA to skyrocket.
> Pharma products were previously tariff-free under a WTO agreement that is based on the principle that life-saving items shouldn't face any tariffs. Looks like this exemption is now also being eliminated
Pharma along with semiconductors is still exempted.
The biggest hit this has is on textiles and apparel as those were industries that have almost no NAFTA/USMCA presence anymore.
Electronics will be a mixed bag as most US origin electronics assembly was already returning to Mexico due to Zero COVID in China (20-23) and Vietnam (20-21), or moving to India (26% tariff) and Malaysia (20% tariff)
Wait, they can go up more!? I remember thinking prices for really basic medication in the States was insanely expensive — something which costs $0.50 in Europe would cost $3+ in Target n co
Pharma is exempted from the tariffs regime, but in that list it should also be the EU and India as well.
Most medicaments in the US are sourced from EU (Ireland, Germany, Netherlands), EFTA (Switzerland as you rightfully noted as well as Denmark), and India
