Oh no, you guys! It looks like Trump's tariffs are doing exactly what they were meant to do!
Swiss drugmaker Novartis (NOVN.S) said on Thursday it plans to spend $23 billion to build and expand 10 facilities in the U.S., as it grapples with renewed threats of drug import duties from the Trump administration.
The drugmaker plans to build six new manufacturing plants, some of which will make raw pharmaceutical ingredients, as well as a new research and development site in San Diego, California, the company said.
Six new factories in the United States, R&D moved here, billions of dollars invested here, which will create thousands of jobs here.
I'd say manufacturing our own medicine in the US and not having to ship drugs from overseas is a good thing, wouldn't you?
The new sites and extensions will be built over the next five years and are expected to create more than 1,000 jobs for skilled workers like engineers and scientists as well as another 3,000 support staff and construction jobs, Novartis said.
The company said it had yet to decide where to build its new manufacturing plants.
Novartis Chief Executive Vas Narasimhan says the company has been looking to move more into the US market and that this move had already been coming.
But I'm sure the tariffs had at least some impact.
'We believe we can manage the tariffs - though of course they will be very painful - so while that is a factor (behind this investment), it's not the driving factor,' Novartis Chief Executive Vas Narasimhan said in an interview, adding that it aims to produce the drugs it sells to Americans in the U.S. rather than import them.
Just apply a little pressure and we see other countries begin to invest!
We'll see how the tariff strategy continues to play out, but we should at least be happy to see more jobs coming to the U.S.
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