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Donald Trump on Tarrif: US President Donald Trump warned that the discount given to the pharmaceuticals from the reciperock tariff will end soon. India exports a large amount of pharmaceuticals to the US. On Tuesday night, he said, “We are going to announce a big tariff on pharmaceuticals very soon.”
Will pharma tariff create a ruckus?
Trump’s statement came at a time when reciperook tariffs made by America have become effective from Wednesday. He referred to China in his speech at the Dinner of the National Republican Congressnal Committee in Washington, but did not mention India, which sends 31.5 percent of its pharma exports to America.
The last Wednesday was announced by the US to impose 27 percent recipe on India. Trump said that when pharma companies will get information about tariffs, they will leave China and other countries, as they have to sell more production in America.
Pharma companies will open plants across the country- Trump
The President further said, “After the tariff, all pharma companies will open the plant in the next parts of the entire country.” When President Trump announced the reciperock Tariff last week, he gave up pharmaceuticals, copper, semiconductor, wood, bullion, energy and some minerals from tariffs, as it is extremely important for the US economy. Pharmaceuticals were relieved in reciperochl tariffs because imported drugs, especially generic medicines coming from India, help to keep the cost of the American health system low, which is one of the most expensive health systems in the world.
The status of trade war has arisen
India and America are working on a bilateral trade agreement to reduce the impact of tariffs. Healthcare data and analytics company IQVIA said that in 2022, four out of ten prescriptions in the US were from Indian companies. The situation of trade war has arisen after the US applied reciperochl tariffs. In response to 34 percent tariffs announced by China last week, the US announced an additional 50 percent tariff on imports from China. By applying additional 50 percent tariff, the US tariff on sugar imports will be 104 percent. Trump’s reciperook Tariff has increased the possibility of recession.
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