Novartis Declares Tariff Resilience Amid TikTok Deal, US-China Trade Progress
Swissโค pharmaceutical giantโค Novartis โstated Wednesdayโฃ it is prepared to navigate potential tariffs stemming from escalating US trade tensions, while a deal allowing TikTok to continue operating โคin the United States signals a potential thaw โคin โขbroader US-china trade relations. The developments arrive as the Supreme Court prepares toโ review the legal basis of president Trump’s tariff policies this fall.
The โresilience declaredโ by novartis comes as GlaxoSmithKline (GSK) announced a $30 billion investmentโ in US research and progress, aโ move coinciding with Trump’s threats to impose import tariffs โฃon the pharmaceutical industry and bolster domestic manufacturing. Treasury Secretary Scott Bessent, following talksโค withโ Chinese trade officials in Spain, โexpressed confidence in nearing a trade agreement with China, even โขasโ reciprocal tariffsโ are slated to take effect in โNovember.
The TikTok agreement, details of which were notโ immediately โdisclosed, represents aโ key step โtoward de-escalation. Meanwhile, the Supreme Court has expedited review of challengesโ to Trump’sโข tariffs, scheduling oral arguments for early November. The case โคcenters โon the legality of the “reciprocal” country-specificโค duties-ranging from 10% โto 50%-imposed under the โขInternational Emergency Economic Powers Act (IEEPA) of 1977.
