US drug firm Merck says existing Trump tariffs will cost it $200m this year

News Snapshot:

The US pharmaceutical company Merck has said it expects to pay an extra $200m (£150m) in costs this year from tariffs that Donald Trump has already imposed, including his 10% tax on imports from around the world. Merck said the projected costs also included retaliatory tariffs imposed by foreign governments on the US, particularly those related to China. However, the projections do not account for threatened “major” tariffs that could be imposed just on pharmaceutical imports. The Trump administration opened a 21-day national security investigation into the industry earlier this month, seen as a first step to the imposition of...