Workers walked past Eli Lilly & Co, Kinsale, Ireland on September 12, 2024. Manufacturing equipment in the manufacturing plant. Lilly has been breeding its production capacity since 2020, investing more than $17 billion in developing new plants and expanding existing facilities to expand facilities for existing facilities Weight loss and diabetes drugs are expected to be the best-selling drug of all time.
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The United States imported about $600 billion in goods from EU member states in 2024, AS President Trump prepares to expand his tariffs Apart from metals from various products from allies, some product categories will hit harder in the latest “countdown” trade war in the U.S. government than others.
According to U.S. trade census data analyzed by ImportGenius, the highest imports from the EU from 2024 are pharmaceutical products. Included in the $127 billion EU import is Semaglutide, a type used for Popular GLP-1 weight loss pills from Novo Nordisk and Yililaisuch as Ozempic, Wegovy, and Mounjaro. The GLP-1 compound is the sixth largest import from the EU to the United States, with a total of US$15.6 billion.
Overall, the drug and medical industry will experience under the influence of the most important tariffs. Imported surgical and medical tools are worth $37 billion; medical devices spanning CRT machines, respirators, orthopedic equipment and surgical equipment account for $22 billion. Vaccines, hearing aids ($1.3 billion) and artificial joints ($2.5 billion) are also the highest imports in 2024.
Trump said on Sunday that he plans to impose reciprocal tariffs on “every country” of import duties on the United States. NBC News.
President Trump’s current actions only publish presidential memorandums on tariffs, and CNBC learned On Thursday, tariffs may not take effect for at least a few months. The White House said Thursday that tariffs could be imposed VAT tax, used by the EUCanada, Mexico and many other countries or currencies depreciate. Sending goods through another country to avoid tariffs will also lead to mutual tariffs. Exemptions to various industries such as medicines or automobiles can also be provided based on previous reports Comment by House Speaker Mike Johnson Reuters.
According to Reuters, Trump said on Thursday that automatic import tariffs are also on the way.
Whether Trump will follow these tariffs, and which countries and which product categories are still uncertain. “I decided that for fair purposes I will be charged reciprocal tariffs,” Trump said in the Oval Office on Thursday. “It’s fair to everyone. No other country can complain.”
Trade experts say a reciprocal trade war is easier said than done.
“Announcement of mutual tariffs is not easy,” said Josh Teitelbaum, senior consultant at Akin. “Determining the tariff rate gap in multiple county products is a logistics nightmare. More research is needed to be done in order to perform a thing of this scale.“
There are several examples that the EU imposes exports. U.S. clothing, accessories, cotton and T-shirts suffer a 12% tariff. The EU also charges 10% tariffs on U.S. vehicles, while the U.S. imposes 2.5% tariffs on European cars and 25% tariffs on imports of all light trucks.
U.S. businesses will pay about $2.9 billion a week, or $409.5 million a day, while the pharmaceutical industry gets the biggest hit, according to a global analysis of the approximate value of new EU tariffs.
“Nationwide, about a quarter of EU imports are pharmaceuticals,” said Dan Anthony, president of Global Trade Partnership. “For drugs alone, businesses across the country will pay with new potential tariffs,” said Dan Anthony. $100 million.”
Teva PharmaceuticalsThis is the world’s largest generic drug manufacturer and one of the top importers in Europe in the pharmaceutical field.
The states in the United States will feel pinched According to the Tax Foundation’s analysis, to varying degrees, the EU tariffs in the highest country are Eli Lilly’s headquarters in Indiana. Medical devices and pharmaceuticals account for more than 75% of potential new tariffs paid by Indiana companies.
New Jersey also has significant exposures, distributed in passenger cars (15%), petroleum products (11%), medicines (8%), personal care products (such as perfumes and cosmetics (6%) and medical devices (5) (5) (5) (5) (5) (5) (5) (5) (5) (5) %).
Overall, makeup and perfume imported from the EU to the United States reached $12.4 billion in 2024.
North Carolina ranks third in the United States, with drugs accounting for more than 44% of the state’s imports.
The United States has already received $264 billion in tariffs on Trump
Businesses that use EU products for their business will feel the impact of tariffs. Companies have been handling higher tariff bills for years, higher than the Biden administration’s tariff levels than Trump’s first semester.
According to the Tax Foundation’s analysis and analysis, U.S. trade war tariffs have already imposed high customs tariffs from importers from importers.
In total, $89 billion (34%) was collected during the Trump administration. The remaining $175 billion (64%) was collected during Biden’s tenure.
Currently, according to the 2024 data from the Global Trade Partnership, the national tariff bill on the business world is $78 billion. If all Trump’s new and threatened tariffsFrom steel and aluminum to Mexico, Canada, China and the EU. Overall, the United States will use the powers imposed by the Executive Department International Emergency Economic Powers Act and the International Emergency Economic Powers Act for Steel and Aluminum Tariffs to pay $43 billion in taxes related to Trump’s tariffs on China. The IEPA tariff bill imported with Canada is 1003 billion CAD; Mexico trade is 126 billion USD; EU products are 149 billion USD, according to data provided by the Global Trade Partnership.
Peter Boockvar, chief investment officer at Bleakley Financial Group, said that while understanding the desire to be more than our tariffs relative to our tariffs, the trade war must be short-term, not long-term.
“If we do this to raise funds and protect the U.S. industry, then there will be more losers in the business side of the winners and consumers will pay more for things,” Boockvar said. “Yes, more High tariffs may be just one-time pricing, but over the past few years, consumers’ cost of living has increased by more than 20%, and the last thing consumers need is another growth.”
this The latest U.S. consumer inflation data Another sign of recent progress the Fed has made in bringing inflation back to its 2% target in January suggests that another sign has stalled in many signs. Wholesale inflation quantity This week is even more encouraging.
From IKEA to Industry to Luxury Buyers
From a general perspective, including freight forwarders who represent most of the trade on behalf of the company, IKEA appears to be the highest consignee for freight in EU. Wine and spiritual logistics companies Hillebrand (part of DHL) and Amazon are one of the most ranked U.S. companies imported from the EU.
Beyond pharmaceuticals, mechanical and mechanical parts ($89.8 billion), vehicles ($60.3 billion), and electrical machinery and components ($39.2 billion), are the top import categories in the EU. In cars, including MercedesMichelin, Ford, Volvo,,,,, public, and BMW.
Review of bills of lading bills (detailed introduction to items in imported containers), showing a wider list of products from Bosch and Bosch and John Deereto ceramic tiles from Ireland and Spain, lithium-ion batteries from Poland, BMW– Specific lithium-ion batteries, truck seats, Irish whiskey, Goia imported from Spain, wind turbines and Danish spare parts (based on renewable energy giant Vestas Systems), steel pipes and scaffolding.
Luxury consumers and collectors will also face bigger bills.
“You have $9.4 billion of precious metals, stones and pearls imported from the EU,” said William George, director of research at ImportGenius. “For luxury investors, $5.5 billion of art, collectors’ works and antiques were imported last year. ”
Painting is at a high price of $4 billion, followed by sculpture at $800 million. Leather handbags are imported at about $2.5 billion.
From bubbled water to Moet Hennessy Americans who enjoy bubbles may also add to their favorite drinks.
Soda levels from four major brands (Evian, Perrier, Pelligrino and Gerolstiner) average 2400 Twenty Equivalent Units (TEUs) per month.
Overall, wine imports in 2024 are $5.5 billion, according to George. “EU countries have about 14,000 containers per month. Almost half of the container containers.”
Grape-based brandy (Cognac, Armagnac) tops the spirit category for $1.3 billion. Vodka ranked second with $1.1 billion. Sparkling wine is $1.7 billion. Extra virgin olive oil imported from the EU was the $1.8 billion industry in 2024.
Larry Lindsey, CEO of Lindsey Group, said imports account for 15% of GDP. “If we pay the full fee (we absolutely won’t) the tariff on everything is about 1.5% of GDP. I said to the back of the envelope we will pay about 0.9% of GDP.”
But he believes that due to the influence of behavior, the impact of not maintaining current tax rates and rules is two to three times.
“Currently, our dealmakers are choosing low-key fruit and construction momentum to determine that he is unstoppable. It is working. The ultimate game will pose a 10% tariff on everyone with a higher rate of unity in China. This will take care of China. The issue of goods (transfer of goods). ”
India is also targeted by the latest tariffs. Although President Trump has based his example of Harley-Davidson motorcycles to threaten India’s retaliation against trade duties on foreign products, India’s questions have been responded directly Indian Prime Minister Narendra Modi arrives at the White House On Thursday – U.S. markets and businesses rely on many categories of major emerging market trading partners.
“India has more tariffs than almost any other country,” Trump said in the Oval Office on Thursday.
According to the trading partners’ database, India’s potential new steel/aluminum tariffs could reach $190 million based on import levels in 2024. Walmart is the most vulnerable company in the United States to reciprocity tariffs, accounting for 62% of all imports from India to the United States in 2024. Other imports include projects from IKEA; antibiotic doxycycline; Kawasaki’s shaft; Lockheed Martin aircraft structural parts; aluminum castings; celery seeds and cumin seeds such as McCormick spices; International Transportation Company (formerly NAVISTAR) Parts and accessories; hundreds of items to be supplied to retailers from TJ Maxx to Ralph Lauren; and imports Schneider Electric.
