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According to Eamon Javers, a notable White House correspondent, the administration clarified that any country with a prior trade deal that includes specific carve-outs or caps on certain imports will have those provisions respected under the new tariff policies. This means that the tariffs announced last night will not override pre-existing arrangements for those particular products or countries.
This clarification is particularly relevant for industries involved in pharmaceuticals and other sensitive sectors. For example, the European Union and Japan had negotiated a 15% cap on tariffs for pharmaceuticals as part of their trade agreements. The White House states it will honor this 15% cap for these countries, ensuring continuity and predictability for their markets.