In July, Trump had threatened to lift pharmaecutical tariffs to 200%, but speaking on CNBC on 5 August, Trump said they could eventually go as high as 250%. EU member state Ireland is a major pharmaceutical exporter to the US, as are other European nations: Ozempic manufacturer Novo Nordisk is also Europe-based, headquartered in Denmark.

The United States and European Union on Thursday released the first official text of a new transatlantic trade agreement, confirming plans to slash tariffs on autos and industrial goods—contingent on Europe enacting its pledge to eliminate duties on U.S. exports.

President Donald Trump announced Sunday that the United States and the European Union reached a framework for a trade deal, ending a monthslong saga with America’s largest trading partner.