For some context, pharmaceuticals account for around 40% of total exports from Switzerland – at least by value. That makes it the biggest exporting industry for the Swiss and roughly 60% of those exports are directed to the US. As such, the exemption here is definitely a notable one.

At the same time, Malaysia is also reaffirming that its 19% tariffs rate will exempt pharmaceuticals and semiconductors. Adding that there had been no agreement or request from the US side to supply rare earths in tariff talks. For some context, Malaysia is the next biggest exporter of rare earth minerals to the US – after China that is. The gap between the two is massive of course but at around 13% (rest of the world ex China combined is only 17%), it’s not an insignificant amount.