AstraZeneca moves some production to US amid tariff threat

London: British pharmaceutical giant AstraZeneca announced Tuesday that it has begun moving some of its European production to the United States, ahea...

London: British pharmaceutical giant AstraZeneca announced Tuesday that it has begun moving some of its European production to the United States, ahead of President Donald Trump's possible tariffs on the sector.

"Our company is firmly committed to investing and growing in the US," chief executive Pascal Soriot said in an earnings statement, which also reported that first-quarter profit rose by over 30 percent to $2.92 billion.

The United States earlier in April opened the door to potential tariffs targeting pharmaceuticals, which have so far benefited from exemptions to Trump's sweeping levies on imports from trading partners.

Trump has also imposed a series of sector-specific levies, slapping tariffs on imports of steel, aluminium and autos, before launching a "national security" investigation into pharmaceutical imports.

AstraZeneca could become exposed to US levies on its European-made products but Soriot stressed that the impact would be limited due to the ongoing shift in production.