Summary
The United States and the United Kingdom are about to agree on a deal that will remove tariffs on pharmaceutical products. This agreement is expected to boost trade by allowing medicines from the UK to enter the US without extra costs for the next three years.
Key Facts
- The US and UK will agree to remove tariffs on pharmaceuticals, meaning there will be no extra costs on medicine imports.
- The deal could be announced very soon, according to sources in the pharmaceutical industry.
- Pharmaceutical companies had considered reducing UK investments due to high proposed tariffs up to 100%.
- The UK exported £11.1 billion worth of medicines to the US in the year leading to September, which was 17.4% of its total exports.
- The agreement means UK medicines are safe from tariff hikes for the next three years.
- The US is a major market for UK pharmaceutical firms, including GSK and AstraZeneca.
- There has been tension between the UK government and the pharmaceutical industry over spending and drug approval rates.
- GSK and AstraZeneca announced significant investment plans in the US, pausing some UK operations.
