AstraZeneca says to invest $50 bn in the US / Photo: Jonathan NACKSTRAND - AFP/File
-
Newborn baby rescued from rubble of Venezuela quake
-
Supersub Foulkes strike for New Zealand in England finale
-
Raducanu halts practice session to put Wimbledon bid in doubt
-
Wolff says Russell will be at Mercedes next season
-
Keys beats Maria to clinch third Eastbourne title
-
Djokovic inspired by Serena as he targets history at Wimbledon
-
Thousands ride through Rome as Vespa celebrates 80 years
-
Stokes falls cheaply as England collapse in New Zealand decider
-
Sinner ready for Wimbledon defence despite lack of time on grass
-
Russell bounces back to beat Antonelli in final practice
-
Records tumble as European heatwave moves east
-
Iran says US violated peace deal as both sides trade fire
-
England, Portugal eye top spots as World Cup group stages wrap up
-
Injured Australian pair Leckie, Italiano out of World Cup
-
US, Iran trade strikes putting new strain on Middle East truce
-
Farmers fear drought as Italy's longest river runs dry
-
Thousands expected as Vespa celebrates 80 years in Rome
-
Budapest Pride to push for equality after reversed ban
-
Pino, Williams injuries mar Spain's World Cup progress
-
World Cup fans get taste of American life -- at the mall
-
'Struggle continues' in Bolivia's Morales heartland
-
World Cup turns New York's Times Square into global fan hub
-
Bielsa accepts blame for World Cup exit, but says Uruguay deserved more
-
Lebanon, Israel and US sign trilateral framework pact
-
Uruguay crash out of World Cup as Spain avoid Argentina clash
-
Cape Verde extend World Cup fairytale to set up Argentina meeting
-
Swiss glaciers facing drastic loss from heatwave: expert
-
Messi to start dead-rubber World Cup group match on bench
-
Trump unveils new US passport -- with picture of himself
-
4 Budget-Friendly Ways to Update Your Living Room
-
Epomaker Unveils the HE Lineup: Two Distinct Innovations Tailored to Community Demand
-
Redwood AI Announces Definitive Agreement with Quantum.IQ and Expands into Quantum Resistant Cyber Security
-
US and Iran trade strikes putting new strain on Mideast ceasefire
-
Hat-trick hero Dembele displays Ballon d'Or brilliance for France at World Cup
-
Maple Leafs make teen McKenna top pick in NHL Draft
-
Injured England defender James to miss Panama game at World Cup
-
California appeals court orders Weinstein resentencing for sex assault
-
Norway coach defends decision to leave out Haaland, Odegaard against France
-
Scheffler fires 60 to grab 36-hole PGA Travelers lead
-
Movie theaters are allies for streamers like us, Apple exec says
-
Austria's Rangnick shuts down conspiracy talk ahead of Algeria World Cup clash
-
DR Congo must take risks to keep World Cup 'dream alive', says Desabre
-
Should we fear an AI bubble bust?
-
Jangoo, Chase keep West Indies in touch against Sri Lanka
-
US strikes Iran sites after cargo ship attack
-
Dembele hat-trick as France swat Norway, Senegal stay alive
-
Gueye double keeps Senegal's World Cup hopes alive
-
Dembele hits hat-trick as France thrash second-string Norway at World Cup
-
US stocks recover from tech tremors as oil prices fall
-
Globalization isn't dead, just 'transformed,' says IMF chief economist
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.
M.O.Allen--AT