At the end of June, President Trump announced sector-specific tariffs would be imposed “very soon.” From 9 July, reciprocal tariffs of 11% to 50% will be reinstated unless trade deals are secured with the EU and around 60 other countries. While these tariffs span multiple sectors, they include pharmaceuticals as a key area. In a bid to avoid the most severe consequences, the EU is reportedly prepared to accept a 10% blanket tariff on exports, but only if this results in extended negotiations and potential relief from other sector-specific duties. EU trade commissioner Maroš Šefčovič is in Washington this week pushing for an agreement, with high-level meetings scheduled with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent. Although discussions are ongoing, any deal may come down to the wire.
July 3, 2025
