The U to U trade war is over, with U. S. trade negotiators signing a deal that would bring down drug prices in the U. s. article The Trump administration announced on Tuesday that it has reached an agreement with its European allies to reduce the price of U.s. drugs, after months of negotiations that were delayed by the opioid crisis.
President Donald Trump speaks during a meeting with the Council on Foreign Relations in the Roosevelt Room of the White House in Washington, U.K., March 25, 2021.
(REUTERS/Kevin Lamarque) In a press release announcing the deal, Trump called it a “major victory for consumers, workers and the environment.”
The deal would lower the price by up to 25% from 2018 to 2020, and would see the U’s trade deficit reduced by $100 billion, or 8.5% of GDP.
“This is a victory for U. of A. consumers, the U of A workers, and the people of New York State, as well as a win for our country as a whole,” Trump said.
The deal will take effect on July 1, 2021, according to a statement from the White, House Office of Management and Budget.
U.S.-EU Trade NegotiationsPresident Donald J. Trump delivers a speech during the U to Unsigned trade agenda, held at the U, in the East Room of United Nations headquarters in New York City, U, U January 31, 2021 and a U.N. trade conference is scheduled for March 24, 2021 in New Delhi.
(TIMOTHY A. CLARY/AFP/Getty Images) “The President and the UAW have reached an historic agreement that will lower the cost of prescription drugs across the board, saving American families $3 billion a year in total costs,” Trump wrote in the release.
For U. States and U. K. residents, the price drops would be at the state level, and at the county and city level, the Trump administration said.
The price drops, if fully implemented, would be $2.5 billion a month for state-based residents and $5.6 billion a week for residents in the counties.
On the local level, a 30% reduction would take effect for counties in the state of New Jersey, and a 40% reduction for those in the city of Newark, the statement said.
“These price reductions will make the United States a better place to live, work, shop, and play,” Trump added.
Other countries also will benefit, the White house said.
For example, Canada, the European Union, Japan, Singapore, and Australia will see significant price reductions as a result of the agreement.
According to the Associated Press, the deal would affect roughly 1.5 million people in the United states.
A number of other countries have also agreed to reduce prices, including Australia, Brazil, Colombia, Egypt, India, Israel, Mexico, Morocco, New Zealand, Nigeria, Pakistan, and Peru.