Tánaiste Simon Harris has said it was “made absolutely clear” that any fresh US tariffs on EU pharmaceutical exports would be limited to 15 per cent, despite President Donald Trump announcing a 100 per cent levy on such goods, reports Breaking News.
The announcement, part of a broader package of new trade measures set to take effect on October 1st, has raised concerns about the stability of a previously agreed trade framework between the EU and the US.
Mr Trump posted on Truth Social that the increased tariffs on branded and patented drugs would not apply to firms currently constructing manufacturing facilities in the US, which he defined as either projects “breaking ground” or “under construction”, reports Breaking News.
Back on August 21st, both the EU and the US released a joint statement confirming that the US government would apply a 15% tariff on pharmaceutical products imported from Europe.
The statement also clarified that the US would not introduce tariffs above 15 per cent on pharmaceuticals after completing a “Section 232 investigation” — a review focused on how imports might affect national security, reports Breaking News.
In response to the announcement of higher US tariffs on patented medicines, Tánaiste Simon Harris said: “We will be studying the impact of this announcement, which includes a number of exemptions, together with EU colleagues.”
The Minister for Foreign Affairs and Trade also stated: “I want to stress, however, that the EU and US Joint Statement issued on August 21 last made absolutely clear that any new tariffs announced by the US on pharmaceuticals under its Section 232 investigation would be capped at 15 per cent for pharma products being exported by the EU. This remains the case and underlines again the value of the agreement reached last month. Returning home after a series of valuable meetings in both New York and Washington, where I met with US secretary of commerce Howard Lutnick, I remain as convinced as ever of the mutually beneficial nature of the dynamic, two-way economic partnership between Ireland and the US as well as between the EU and the US,” reports Breaking News.
According to a Government summary of the Tánaiste’s meeting with Mr Lutnick, the conversation provided a “chance to take stock” of the current EU-US trade framework.
The statement said the pair discussed broadening the range of goods excluded from the baseline 15 per cent tariff, with Ireland particularly focused on the spirits and medical technology sectors.
It also noted: “They also discussed the issue of non-tariff barriers as well as the ongoing Section 232 investigations on pharmaceuticals and semiconductors,” reports Breaking News.
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