A WTO special 1994 Pharma Agreement prohibts tariffs on pharmaceutical products. Donald Trump, in recently introducing new tariffs has excluded pharma products from the new tariffs.
Today, Trump declared today he will, despite the WTO 1994 Agreement, charge tariffs on pharmaceutical products.
This will hit the Swiss pharmaceutical industry very hard. Switzerland is not only a major pharmaceutical producer and this industry is an important part of the Swiss export industry, but its pharmaceutical products are also very expensive, due to research costs and regulations.
These tariffs will be very difficult for the Swiss pharma industry and the Swiss Government needs to start efforts to negotiate with the Trump Administration. But first of all: keep calm.
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