US, UK to scrap tariffs on pharmaceuticals
The United States and the United Kingdom are preparing to announce a deal that would eliminate tariffs on pharmaceutical products, according to sources familiar with the negotiations. The announcement is expected at the White House on Monday, though neither government has yet commented publicly.
The move comes as both sides seek closer cooperation in the life sciences sector. British Science Minister Patrick Vallance previously warned lawmakers that prices for new and innovative medicines could rise under the agreement, even as costs for existing drugs and generics remain stable, News.Az reports, citing Reuters.
Pressure from U.S. President Donald Trump has pushed European partners to pay more for American medicines, while major pharmaceutical companies have slowed investment in the UK due to what they describe as a challenging business climate.
In May, Washington and London agreed to pursue preferential treatment for pharmaceutical trade, with Britain pledging to improve conditions for drug manufacturers operating in the country.
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