WASHINGTON/LONDON, Dec 1 — The United States and Britain announced a deal on Monday to secure zero tariffs on British pharmaceutical products and medical technology in return for Britain spending more on medicines and overhauling how it values drugs.

Under the agreement, Britain will raise the net price it pays for new U.S. medicines by 25%. In return, UK-made medicines, drug ingredients and medical technology will be exempt from Section 232 sectoral tariffs and any future Section 301 country tariffs.

“The United States and the United Kingdom announce this negotiated outcome pricing for innovative pharmaceuticals, which will help drive investment and innovation in both countries,” United States Trade Representative Jamieson Greer said in a statement.

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