Roche (OTCQX:RHHBY) and Novartis (NYSE:NVS) are scheduled to meet with Swiss government officials this week amid U.S. President Donald Trump's repeated threats to impose tariffs on pharmaceutical imports, Reuters reported on Monday.
Other companies can also attend the meeting with Swiss Economy Minister Guy Parmelin and Health Minister Elizabeth Baume-Schneider, the publication said, citing two sources familiar with the matter.
A spokesperson for the Swiss health minister confirmed the meeting but refused to divulge further information on attendees. Roche (OTCQX:RHHBY) and Novartis (OTCPK:NVSEF) were not available for comments, according to Reuters.
While pharmaceuticals were exempt from the 39% tariffs Trump imposed on Swiss imports last week, the industry faces trade levies reaching up to 250% as part of an ongoing U.S. Section 232 national security investigation, the outcome of which is expected within the next few weeks.
The meeting could also focus on encouraging companies to boost their investments in the United States, a source said, as Switzerland attempts to reduce its U.S. trade surplus, the reason behind its steep tariff rate.
Pharmaceuticals made up about 50% of Swiss exports to the U.S. last year, and Roche (OTCQX:RHHBF), Novartis (OTCPK:NVSEF), and other leading drugmakers have already pledged significant investments in the U.S. amid the Trump administration’s tariff threats on pharma imports.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.