Trump administration announces new tariffs on pharmaceuticals

{"text":[[{"start":7.99,"text":"Donald Trump has announced plans to impose tariffs of up to 100 per cent on drugs as the president takes aim at companies that have not boosted investment in the US or reduced their prices."}],[{"start":20.03,"text":"His administration has also announced it would roll back steel, aluminium and copper tariffs from some goods, and simplify the way the levy was calculated. "}],[{"start":30.53,"text":"The twin announcements came on the anniversary of Trump’s “liberation day”, when he announced so-called reciprocal tariffs on trade partners. "}],[{"start":41.32,"text":"Since then, he has walked back some of his stiffest levies in the face of negative market reaction and voter anger at the US’s affordability crisis. The Supreme Court also earlier this year ruled many of the president’s tariffs were illegal, striking a blow to one of his flagship policies."}],[{"start":61.56,"text":"The pharmaceutical levies will apply only to a list of branded drugs, sparing products made by companies that have struck deals with the US and will not affect generic products that are not patented."}],[{"start":null,"text":"

"}],[{"start":74.44,"text":"Lower rates of 15 per cent will also be offered for countries that have struck trade deals with Washington, including Switzerland, Japan, the EU and South Korea. The UK will enjoy zero tariffs on its imports for three years, following a deal covering UK drug pricing and investment with the US. "}],[{"start":96.44,"text":"Companies that plan to build more manufacturing capacity in the US could also apply to the commerce department to enjoy a limited four-year period of a lowered 20 per cent tariff."}],[{"start":109.84,"text":"The list of exemptions underscores the Trump administration’s efforts to balance the president’s love of large tariffs with the realities of American supply-chain vulnerabilities and a growing affordability crunch in the US."}],[{"start":125.44,"text":"The changes to some steel, aluminium and copper tariffs would exempt goods made from small amounts of those metals from levies. The plan was first reported by the FT in February."}],[{"start":138.24,"text":"US officials also said they would simplify the way the metals tariffs are calculated, and apply a lower rate of 25 per cent, rather than 50 per cent, to the entire value of goods containing more than 15 per cent of the metals. Previously, the tariff applied solely to the metal content. "}],[{"start":157.44,"text":"“For many products it’ll be lower, for some products it’ll be a little higher, but mostly it’s fine,” a US official said, referring to the changes. “We’ve gone over it with everybody.”"}],[{"start":169.17,"text":"Officials said they would also change the way the value of imported metals is calculated and would base the value on the amount the product could be sold for in the US, rather than its cost at purchase overseas."}],[{"start":183.79999999999998,"text":"“We’re going to charge full value for steel that would be like steel coil and aluminum sheets, like the real pieces of metal that you use to make other products,” an official said."}],[{"start":197.1,"text":"Pfizer, AstraZeneca and Novo Nordisk are among the companies that have struck deals with the Trump administration to boost investment in the US and lower their drug prices in exchange for a reprieve on the tariffs."}],[{"start":211.99,"text":"The pharmaceutical levies and the metals duties were imposed after national security investigations under Section 232 of the Trade Expansion Act of 1962, which was launched in April last year."}],[{"start":226.88,"text":"Duties imposed under those investigations were not affected by the Supreme Court ruling in February that struck down the sweeping tariffs Trump had imposed using emergency powers."}],[{"start":249.81,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1775208503_4135.mp3"}