The United States and United Kingdom have reached an agreement to eliminate import tariffs on pharmaceutical products traded between the two countries. An official announcement is expected at the White House on Monday.
This deal means that pharmaceutical products exported between the US and UK will not face any import taxes, making it easier and potentially cheaper for these goods to move between the two markets.
As part of the agreement, the UK's National Health Service (NHS) will increase the net price it pays for new medicines by 25%.
What is a tariff and why does it matter?
A tariff is a tax on goods imported from other countries. Removing tariffs can make these goods cheaper for buyers and can encourage more trade.
How will this deal affect medicine prices in the UK?
The agreement includes an increase in the net price the NHS pays for new medicines by 25%. This could lead to higher spending by the NHS on new drugs.
Who benefits from the removal of tariffs on pharmaceuticals?
Pharmaceutical companies in both countries may benefit by being able to sell their products in each other's markets without paying import taxes.
Sources
US, UK to agree to zero tariffs on pharmaceuticals, announcement expected, sourc...
Reuters
Reuters
Britain and the United States are poised to agree to zero tariffs on pharmaceutical products, with an announcement due at the White House on Monday, according to two sources familiar with the matter.
UK and US poised to agree zero-tariffs deal on pharmaceuticals, The Times says
Reuters
Reuters
The UK is poised to agree on a major pharmaceuticals deal with the U.S., which will mean zero import tariffs on pharmaceutical products into the U.S. and lead to an increase in NHS spending on medicines, The Times reported on Monday.
US and UK agree zero-tariffs on pharmaceuticals
Skynews
Skynews
The US has agreed to spare the UK from threatened trade tariffs on pharmaceutical products.
UK and US agree zero-tariff pharmaceuticals deal
The Guardian
The Guardian
Agreement also calls for NHS to increase net price it pays for new medicines by 25%
Trump admin strikes zero tariff pharmaceutical deal with Britain — a move welcom...
New York Post
New York Post
The United States and Britain announced a deal on Monday to secure zero tariffs on British pharmaceutical products and medical technology in return for Britain spending more on medicines and overhauling how it values drugs. Under the agreement, Britain will raise the net price it pays for new US med...
Britain will spend more on new medicines in exchange for avoiding tariffs on U.K...
WSJ
WSJ
The move marks a victory for the Trump administration's campaign to get other countries to pay more for drugs.
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