Novartis CEO Vas Narasimhan told CNBC's Karen Tso and Steve Sedgwick that he "thinks" that the company has reached an agreement to shield it from US President Donald Trump's announced tariffs.
"We expect to be in a position by the middle of this year where we are not really exposed to tariffs, because we're able to produce in the US for the US. We have inventory on hand," Narasimhan said at Davos. "We also have an agreement with the US government that excludes us from any tariffs, we think, but in case that were not to be the case, we're also future-proofed in the other direction as well."
Narasimhan stated that he thinks the $23 billion investment in US manufacturing serves as a safeguard against taxes. According to the outlet, proposed tariffs might have a significant effect on Europe's pharmaceutical industry, which exported €84.4 billion worth of goods to the United States last year.
https://breakingthenews.net/Article/Novartis-CEO:-US-deal-may-shield-firm-from-tariffs/65509044
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