WASHINGTON (TNND) — The United Kingdom and the United States have secured a deal on medicines exported to the U.S. for roughly three years, officials announced Monday.
Under the deal, the U.S. agreed to not put Section 232 tariffs on U.K. pharmaceuticals, medical technology, or medicine ingredients exported to the U.S.
“Further, the United States will work to ensure that U.K. citizens have access to the latest pharmaceutical breakthroughs,” the office of the U.S. Trade Representative said in a statement.
In return, the U.K. drug companies will invest more into the U.S. and create more jobs.
“President Trump is the first American President to work with U.S. trading partners to ensure fair payment internationally for innovative pharmaceuticals and pharmaceutical ingredients,” U.S. Trade Representative Jamieson Greer said in a statement.
“Today, the United States and the United Kingdom announce this negotiated outcome pricing for innovative pharmaceuticals, which will help drive investment and innovation in both countries,” he continued.
“The Trump Administration is reviewing the pharmaceutical pricing practices of many other U.S. trading partners and hopes that they will follow suit with constructive negotiations.”
Health and Human Services Secretary Robert F. Kennedy Jr. praised the deal as well.
“This agreement with the United Kingdom strengthens the global environment for innovative medicines and brings long-overdue balance to U.S.–U.K. pharmaceutical trade,” he said. “President Trump showed real courage and leadership in demanding these reforms, and I thank him for delivering results that put Americans first.”