The Trump administration is set to honour a 15 per cent tariff cap on pharmaceutical imports from the EU and Japan, providing a significant relief from the 100 per cent levy on drugs announced by the US president on Thursday.
The 15 per cent ceiling is in line with trade deals that Japan and the EU have with the US. It was first reported by CNBC.
Late on Thursday, Donald Trump posted on his Truth Social platform that the US would impose 100 per cent tariffs on imports of patented or branded pharmaceuticals beginning on October 1. Generic drugs, which account for the majority of imports to the US, were exempt from the levy.
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