The new trade agreement between the United States and the European Union includes a 15% tariff on pharmaceutical imports, marking a significant departure from previous zero-duty policies. Analysts offer mixed views on the impact, citing potential billions in added industry costs that could eventually affect consumers. However, major biopharma companies with substantial U.S. manufacturing footprints may be shielded from the tariffs. The deal simultaneously eliminates existing retaliatory tariffs on European exports to the U.S. and ends a U.S. Department of Commerce Section 232 national security probe into pharma imports.