LONDON — The U.K. has sealed a deal securing a 0% tariff rate for all U.K. medicines exported to the U.S. for at least 3 years, officials said Monday, in return for the U.K. spending more on new medicines.
Under the deal, announced by officials on both sides, the United States government agreed to exempt U.K.-origin pharmaceuticals, pharmaceutical ingredients, and medical technology from import taxes.
The Trump administration said that in return, U.K. drugs firms committed to invest more in the U.S. and create more jobs.
As part of the deal, the U.K. government said it will invest around 25% more in new and effective treatments — the first major increase in such spending in over two decades.
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