EU Commission Warns of Impact from Potential New U.S. Tariffs on Pharmaceuticals
U.S. plans tariffs on key imports including pharmaceuticals amid escalating trade tensions.
U.S. tariffs on imports are expected to expand to a variety of sectors including the pharmaceutical industry, as highlighted by European Commission President Ursula von der Leyen.
In a recent address to the European Parliament in Strasbourg, von der Leyen reported that the U.S. intends to impose new tariffs on imports, particularly affecting semiconductors, pharmaceuticals, and timber.
This announcement occurs within the context of anticipated reciprocal tariffs aimed at countering what the U.S. perceives as unfair tariffs enacted by other countries.
The new tariffs are projected to encompass a wide range of goods from numerous nations, further complicating an already tense trade environment.
The U.S. currently imposes tariffs on steel, aluminum, automobiles, and auto parts, established under the administration of President Donald Trump.
Von der Leyen expressed concerns regarding the potential economic fallout from a burgeoning trade war, emphasizing the European Union's readiness to pursue negotiations with the U.S. She remarked, 'Tariffs are taxes paid by the public.
They represent increased costs for American consumers regarding food and medication.'
The Commission President pointed out that issues such as overcapacity, market imbalances, unfair subsidies, market protectionism, and intellectual property theft are pressing challenges for the EU. Von der Leyen indicated that wider tariffs could intensify these issues, potentially resulting in job losses and more complex customs procedures.
Furthermore, she signaled that the EU would take countermeasures should the U.S. not demonstrate a sufficient willingness to engage in negotiations.
She stated, 'I have already discussed the next steps with European heads of state and government.
Our goal is a negotiated solution.
However, if necessary, we will protect our interests, our people, and our businesses.' While specific details of these potential countermeasures remain undisclosed, EU sources suggest they may involve the implementation of substantial counter-tariffs and possible taxes on digital services offered by U.S. companies within the EU.
In a recent address to the European Parliament in Strasbourg, von der Leyen reported that the U.S. intends to impose new tariffs on imports, particularly affecting semiconductors, pharmaceuticals, and timber.
This announcement occurs within the context of anticipated reciprocal tariffs aimed at countering what the U.S. perceives as unfair tariffs enacted by other countries.
The new tariffs are projected to encompass a wide range of goods from numerous nations, further complicating an already tense trade environment.
The U.S. currently imposes tariffs on steel, aluminum, automobiles, and auto parts, established under the administration of President Donald Trump.
Von der Leyen expressed concerns regarding the potential economic fallout from a burgeoning trade war, emphasizing the European Union's readiness to pursue negotiations with the U.S. She remarked, 'Tariffs are taxes paid by the public.
They represent increased costs for American consumers regarding food and medication.'
The Commission President pointed out that issues such as overcapacity, market imbalances, unfair subsidies, market protectionism, and intellectual property theft are pressing challenges for the EU. Von der Leyen indicated that wider tariffs could intensify these issues, potentially resulting in job losses and more complex customs procedures.
Furthermore, she signaled that the EU would take countermeasures should the U.S. not demonstrate a sufficient willingness to engage in negotiations.
She stated, 'I have already discussed the next steps with European heads of state and government.
Our goal is a negotiated solution.
However, if necessary, we will protect our interests, our people, and our businesses.' While specific details of these potential countermeasures remain undisclosed, EU sources suggest they may involve the implementation of substantial counter-tariffs and possible taxes on digital services offered by U.S. companies within the EU.
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