The Joint Statement issued on 21 August by the EU and the US sheds light on the tariffs announced by President Donald Trump. Building on the political agreement reached by by the parties on 27 July, the Joint Statement aims to restore stability and predictability in EU-US trade and investment. In terms of the pharmaceutical sectors, a 15% tariff will be applied to innovative medicinal products exported from the EU to the US. This is the same tariff that has been announced for most European industrial goods.
According to the Joint Statement, generic medicines, their ingredients and chemical precursors will only be subject to the Most Favoured Nation (MFN) tariff from 1 September 2025. The Statement makes no mention of tariffs applied to the medtech sector, which will therefore be subject to the standard 15% tariff. The Commission is now expected to swiftly implement the key elements of the agreement. The EU will also negotiate a fair, balanced and mutually beneficial trade agreement with the US.