Switzerland says that 39% tariffs from US do not apply to pharmaceuticals

For some context, pharmaceuticals account for around 40% of total exports from Switzerland – at least by value. That makes it the biggest exporting industry for the Swiss and roughly 60% of those exports are directed to the US. As such, the exemption here is definitely a notable one.

At the same time, Malaysia is also reaffirming that its 19% tariffs rate will exempt pharmaceuticals and semiconductors. Adding that there had been no agreement or request from the US side to supply rare earths in tariff talks.