Irish Taoiseach Micheál Martin has warned that escalating tariff disputes between the United States and the European Union could drive up medicine costs for American consumers. This follows U.S. President Donald Trump's criticism of Ireland’s pharmaceutical sector and his suggestion of imposing tariffs on Irish pharmaceutical imports. (thesun.ie)
Impact on U.S. Medicine Costs
The U.S. depends on Irish pharmaceutical imports worth over €70 billion annually, with major American companies such as Pfizer and Johnson & Johnson running significant manufacturing operations in Ireland. If tariffs are imposed, supply chain disruptions could raise production costs and ultimately lead to higher drug prices for U.S. consumers.
EU's Prepared Response
The European Union is preparing a strategic response to potential U.S. tariffs, aiming to protect key industries, including pharmaceuticals. In the past, the EU has indicated readiness to impose retaliatory measures, further complicating the global pharmaceutical supply chain. (finance.yahoo.com)
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Calls for Negotiation
Taoiseach Martin urged for negotiations instead of trade wars, emphasizing the mutual benefits of U.S.-Ireland pharmaceutical trade. He stressed that tariffs could harm both businesses and patients, making it crucial to find a diplomatic resolution.
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