President Trump said Tuesday that pharmaceutical giant AstraZeneca will invest $50 billion in pharmaceutical manufacturing by 2030, a development he attributed to his threat to impose tariffs on drugs made outside the U.S.
The British-Swedish multinational drugmaker said the cornerstone of its investment will be a multibillion dollar facility in Virginia that will drive its weight-loss drugs.
“Thank you to AstraZeneca,” Mr. Trump said.
Mr. Trump said the AstraZeneca announcement is proof his get-tough approach on trade is working.
Earlier this month, Mr. Trump said he planned to make an announcement “very soon” on imported pharmaceuticals. He said drugmakers would get a year or so to bring their operations into the U.S. or face a tariff.
“They’re gonna be tariffed at a very, very high rate, like 200%. We’ll give them a certain period of time to get their act together,” Mr. Trump said at the time.
The tariffs could