If US President Donald Trump imposes a 100 percent tariff on imports of European pharmaceuticals, we will have to renegotiate and show teeth this time, said Belgian Economy Minister David Clarenval, quoted by local media, BTA reported.
He noted that the EU has reached an agreement on a 15 percent tariff and this deal must be respected. According to him, if Trump's measures also affect the EU, there can be no failure to react. There can be no question of questioning the agreement reached in such a strategic sector as that of medicines, Clarenval added.
We must introduce trade defense mechanisms to protect companies, the minister insisted. According to him, these measures are necessary to counteract cases of blackmail and the attitude that has been observed recently by the US. We must show firmness with those who are not fair to us and who use the market for unfair purposes, commented Clarenval. According to him, the European economy must remain open, without showing naivety.
Last week, President Trump announced his intention to introduce new tariffs, including on the import of medicines. He specified that he was doubling the rates on the import of pharmaceutical products. Hours later, the European Commission specified that it had agreed on a 15 percent ceiling for tariffs on pharmaceutical imports to the US. Pharmaceutical production in Belgium accounts for 20 percent of the industry and provides the highest share of the country's exports, with the value of exported products reaching 79 billion euros last year, according to official data.