ZURICH, June 4 (Reuters) – The chairman of Swiss pharmaceutical giant Roche hit out at U.S. tariff policies on Thursday, likening them to “blackmail”, and said protectionism by the United States and China was the firm’s biggest geopolitical concern. Severin Schwan was asked about the agreement his firm struck with the Trump administration late last […]
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Roche chairman likens US tariff policy to ‘blackmail’
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ZURICH, June 4 (Reuters) – The chairman of Swiss pharmaceutical giant Roche hit out at U.S. tariff policies on Thursday, likening them to “blackmail”, and said protectionism by the United States and China was the firm’s biggest geopolitical concern.
Severin Schwan was asked about the agreement his firm struck with the Trump administration late last year to slash prices for medicines in the United States after U.S. officials had threatened to impose steep tariffs on drugmakers.
“If someone points a gun at you and says ‘if you don’t sign, there’ll be 200% tariffs tomorrow’, I wouldn’t necessarily describe that as a deal,” Schwan said in an interview at an event in the Swiss city of Interlaken, broadcast on Swiss television.
“So in a legal sense that’s perhaps an agreement, but it’s basically cold-blooded blackmail,” he added.
The Trump administration argues that foreign companies have taken advantage of the United States to overcharge U.S. consumers for medicines, and it has sought to encourage more production there.
Separately, Schwan identified protectionism by the United States and China as the firm’s biggest geopolitical worry.
(Reporting by Oliver HirtEditing by Dave Graham and Susan Fenton)