"The posts on his social media site showed that Mr Trump's devotion to tariffs did not end with the trade frameworks and import taxes that were launched in August, a reflection of the president's confidence that taxes will help to reduce the US government's budget deficit while increasing domestic manufacturing. The additional tariffs risk intensifying inflation that is already elevated, as well as slowing economic growth, as employers getting used to Mr Trump's previous import taxes grapple with new levels of uncertainty."
"Mr Trump said on Truth Social that the pharmaceutical tariffs would not apply to companies that are building manufacturing plants in the United States, which he defined as either "breaking ground" or being "under construction". It was unclear how the tariffs would apply to companies that already have factories in the US. In August, Mr Trump imposed a 15pc tariff on most pharmaceutical exports from the European Union."
A raft of US import taxes includes a 100% tariff on branded pharmaceutical drugs from October 1, plus high levies on furniture, cabinets and heavy trucks. The measures reflect a view that tariffs can reduce the budget deficit and boost domestic manufacturing. Additional tariffs may intensify already-elevated inflation and slow economic growth by increasing uncertainty for employers. The pharmaceutical tariff carve-out applies to firms constructing US plants, while application to existing US factories remains unclear. Ireland exported €33bn of pharmaceuticals to the US last year, prompting concern, and the EU-US joint statement asserted a 15% cap for EU pharmaceutical exports.
Read at Irish Independent
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