President Donald Trump is expected to announce new tariffs that may affect the global economy, specifically targeting the EU's pharmaceutical and cosmetic industries.
Introduction of New Tariffs on the Global Stage
President Donald Trump is set to announce tariffs aimed at re-balancing global trade and supporting US manufacturing. Among potential sectors impacted is the cosmetic industry, should the EU face tariffs.
Impact of Tariffs on the EU Pharmaceutical Industry
According to the US Trade Census data, pharmaceutical products were a critical category of EU imports to the US. Semaglutide, found in popular weight loss drugs, was among them. Potential tariffs could reach 20%, raising concerns about disrupting global supply chains and causing short-term drug shortages.
Pharmaceutical Industry Response
The pharmaceutical sector is already seeking solutions in case tariffs are imposed. Lobbyists are pushing for a phased approach to avoid abrupt shocks. Companies like Eli Lilly, Pfizer, and GSK are reevaluating their supply chains to prepare for potential changes. Imports from Ireland to the US have significantly increased, indicating stockpiling activities.
The pharmaceutical industry is under pressure from potential US tariffs. Companies are taking measures to mitigate impacts, yet the future remains uncertain.
