Week of 30 March to 5 April 2026
On 2 April, the US administration publishes a proclamation imposing an additional 100% ad valorem tariff (under Section 232) on certain pharmaceutical products originating from countries without a trade agreement with the United States (including the EU, Japan, the United Kingdom, South Korea, Switzerland and Liechtenstein), unless a production relocation commitment or an MFN pricing agreement is in place, in which case the additional tariff is reduced to 0% until 20 January 2029. For European, Japanese, South Korean, Swiss and Liechtenstein products covered by this measure, a floor rate of 15% applies.
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