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Concerns regarding US tariffs are beginning to emerge as potentially detrimental to the supply of medications in the UK, according to the country’s Health Secretary.
Former President Donald Trump implemented a series of “reciprocal” tariffs affecting various imports to the US, which include a 10% levy on goods from the UK, alongside rates of 20% on the EU, 34% on China, and 46% on Vietnam.
This decision has led to significant turmoil in global stock markets, reminiscent of the severe downturns experienced during the early stages of the Covid-19 pandemic, resulting in the loss of trillions in market value worldwide.
Wes Streeting articulated his concerns while speaking to Sky News, indicating that the ongoing uncertainties surrounding a potential trade war pose a risk to the supply chains of essential medicines.
“In the context of medicine supply, various factors are always at play,” he explained. “We face challenges surrounding manufacturing and distribution, and the introduction of tariffs could complicate these issues further. We are monitoring the situation very closely.”
He also emphasized, “We are continuously assessing and responding to this dynamic to ensure that medications reach our country effectively, while adapting to shortages and ensuring availability through flexible dispensing methods.”
Streeting expressed broader concerns as well, noting, “Whether discussing pharmaceuticals, manufacturing components, or the profit margins of businesses here, we are in an uncertain and turbulent environment.”
During an appearance on BBC Breakfast, he firmly stated that patient data would not be on the table in any trade discussions aimed at alleviating the tariff impacts. “The NHS is not for sale, and our patients’ data is not for sale,” Streeting reasserted.
In an interview with BBC Radio 4’s Today programme, he described the tariff strategy adopted by the US as a reaction to the adverse effects of globalization, particularly highlighting the deindustrialization challenges impacting certain communities within developed nations.
Despite this, Streeting noted that even under the least harmful scenarios of tariff application, the imposed levies would still be detrimental to British economic interests.
On a brighter note, the London FTSE 100 index experienced a bounce back during early trading on Tuesday after suffering significant losses in previous sessions. The index, which reflects the performance of the UK’s largest listed companies, was up by more than 1% shortly after markets opened.
This recovery followed a more favorable performance in Asian markets, with several indexes managing to record gains, alongside expectations that US markets might open on a positive note later in the day.
Source
www.theguardian.com