CNBC's Eamon Javers reports on the latest news on pharma tariffs between the U.S. and the UK.

London

The United States and United Kingdom have announced a trade agreement that will set import taxes on U.K. pharmaceuticals entering the U.S. at zero for the next three years. In exchange, the U.K.'s National Health Service will pay higher prices for pharmaceuticals, addressing a longstanding concern from the U.S. regarding drug pricing.

Bristol Myers' CEO stated the company plans to invest over $500 million in the U.K. over the next five years as a result of the agreement. The deal is unique to the U.K., with other European countries such as Ireland still facing higher tariffs, potentially prompting them to seek similar arrangements.

U.S., UK reach deal to keep tariffs on UK pharma imports at zero

Good morning to you, Carl. The U.S. and U.K. governments are announcing a trade deal on drug pricing. Now, there are two parts to this deal as laid out in statements by the U.S. and U.K. governments just over the past 20 minutes or so. The first part is that the National Health Service in the U.K. will pay more for pharmaceuticals. That's been a bone of contention on the U.S. side for years, that the U.K. government is not paying high enough prices for American pharmaceuticals. That, according to both governments, is going to change. And they'll do that in exchange for an agreement that import taxes on pharmaceuticals from the U.K. to the U.S. be set at zero for the next three years. So that's the overall structure of the deal. We're also seeing a statement here from Bristol Myers, C.E.O., saying that he anticipates being able to invest upwards of $500 million over the next five years as a result of the deal in the U.K. version of this release. He says that this agreement is a sign of progress and one that creates an environment conducive to our continued presence in the U.K. So obviously a big corporate piece to this announcement as well. Guys, back over to you. I mean, it's a big deal, Eamon, and also a big deal for Europe, which doesn't have this kind of sweetheart deal. And they ship a lot of drugs from places like Ireland as well. They have the higher tariffs. Right. Yeah, and you wonder if this puts pressure on other European countries to now come to the table and get a similar deal or maybe now at this point not quite as good of a deal as the U.K. is getting here.

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