The US Commerce Department has announced that certain speciality drugs and associated ingredients for rare medical conditions imported from India and 19 other countries will be exempted from tariffs.
On April 2, President Donald Trump issued a proclamation to impose tariffs on imports of patented pharmaceuticals, biologics, and associated ingredients into the US. However, in a recent development, the US Commerce Department published a list of countries that will not be subjected to these tariffs due to current or forthcoming trade and security framework agreements with the US.
The exemptions are part of the implementation of Trump’s April proclamation adjusting imports of pharmaceuticals and pharmaceutical ingredients under Section 232 of the Trade Expansion Act. Eligible products for the zero per cent tariff rate include all drugs designated for rare diseases, infertility treatments, cell therapies, gene therapies, antibody-drug conjugates (ADCs), and animal pharmaceuticals. Components of these drugs are also subject to a zero per cent tariff rate.
Besides India, the other countries in the zero tariff rate category are Argentina, Bangladesh, Cambodia, Ecuador, El Salvador, the European Union, Guatemala, Indonesia, Japan, Jordan, Malaysia, North Macedonia, South Korea, Switzerland, Liechtenstein, Taiwan, Thailand, Britain and Vietnam.
Source:
Akashvani News
