AstraZeneca says to invest $50 bn in the US / Photo: Jonathan NACKSTRAND - AFP/File
-
Hurricane Isaias makes landfall in Florida
-
India deploys police, restricts transport ahead of major protest
-
Brazil prosecutors sue Shell for $108 mn over deadly 2024 floods
-
Three Mexicans convicted in murders of Australian, US surfers
-
Major earthquake destroys buildings, roads in Panama
-
Powerful waves lash California coast as storm threatens more damage
-
Anthropic AI model sent fake murder tip to Philadelphia police
-
Trump hails Russia deal to release diesel as midterms loom
-
7.7-magnitude quake rocks Panama, triggers tsunami warning
-
Lyon blow chance to go top after loss at Lens
-
Prince Harry booed at English rugby match
-
Stocks rise as Trump says Russia to release diesel to world markets
-
Kiplimo and Feysa seek repeat Chicago Marathon wins
-
Wildfire smoke shuts schools in Amazon's biggest city
-
Fuellkrug halts Dortmund after late goal flurry
-
Turkey jails 2 journalists pending trial for fund crisis 'misinformation'
-
Injured Ravens quarterback Jackson ruled out of Falcons clash
-
Major earthquake rocks Panama, triggers tsunami warning
-
Brewers aim to take down two-time defending champion Dodgers in NLCS rematch
-
Indian jailed in France for leading sadist Nazi cult that tortured girls
-
Tsunami alert after major earthquake rocks Panama
-
'Iron Mike' Ditka hailed as 'gold standard' NFL legend
-
Outer bands of Hurricane Isaias lash US Gulf Coast
-
Flydubai co-pilot planned suicide attack on Tel Aviv airport: UAE prosecutor
-
Hope, Rutherford fire West Indies to record T20 chase of 250
-
Mike Ditka: Chicago Bears icon as player and coach
-
Farhan leads Pakistan to T20 win over Sri Lanka
-
Outrage over plan to livestream US military firing squad execution
-
Turkey sack coach Montella after Nations League woe
-
US sanctions: a 'test of resilience' for ICC
-
US announces sanctions on ICC, hours after Nobel award to former judge
-
NFL legend Mike Ditka dead at 86
-
Montenegro expels popular Russian war blogger wanted by US
-
Hurricane Isaias set to strike Gulf Coast late Friday
-
Rubio calls on all Venezuela opposition figures to join talks with govt
-
Trump forms panel to probe US Fed governor Lisa Cook
-
Australia struggle against South Africa quicks in first Test
-
Clashes in Durban as fresh anti-migrant riots erupt in South Africa
-
Stocks advance as Trump rules out pre-vote Iran attack
-
France students plan more protests, UN 'concerned' over violence
-
Australia struggle against South Africa's fast bowlers
-
De Zerbi calls on struggling Spurs to react in Man Utd clash
-
Massive debt puts France in a bind as investor doubts deepen
-
US sanctions on ICC: a 'test of resilience'
-
Arteta urges 'respect' for process after Man City financial verdict
-
Outrage over US military plan to livestream firing squad execution
-
'Human-authored' book labels gain ground amid AI scandals
-
Argentina snap up defence guru Edwards ahead of World Cup
-
Man City whistleblower Pinto to stay under police protection
-
BMW pulls car lease offer from German far-right politician
AstraZeneca says to invest $50 bn in the US
British pharmaceutical giant AstraZeneca said Tuesday it would invest $50 billion in the United States amid a looming deadline of ramped-up tariffs from Washington.
A large chunk of the funds will go toward building a multi-billion-dollar manufacturing centre in Virginia, the company said in a statement, adding that it expects 50 percent of its revenue to come from the United States by 2030.
"Today’s announcement underpins our belief in America’s innovation in biopharmaceuticals," the statement quoted CEO Pascal Soriot as saying.
US President Donald Trump has opened the door to potential tariffs targeting pharmaceuticals, which have so far benefited from exemptions to his sweeping levies on imports from trading partners.
He ordered an investigation launched into pharmaceutical imports, suggesting that levies could reach up to 200 percent.
The United States is a key market for the pharmaceutical industry, and AstraZeneca had already announced in April that it had begun transferring part of its European production to the United States.
"For decades Americans have been reliant on foreign supply of key pharmaceutical products," US Commerce Secretary Howard Lutnick said in a statement.
He added that the new tariffs are focused on "ending this structural weakness".
The announcement included a new factory in Virginia, which will be the company's "largest single manufacturing investment".
Other major pharmaceutical companies, which had been exempt from tariffs for 30 years, have, in recent months, begun shifting investment and production to the United States.
B.AbuZeid--SF-PST