US to exempt UK pharmaceuticals and ingredients under trade deal

WASHINGTON, Dec 1 (Reuters) - The U.S. government on Monday said it will exempt U.K.-origin pharmaceuticals, pharmaceutical ingredients, and medical technology from current and future tariffs imposed under two U.S. laws as part of a negotiated agreement in principle.

Under the deal announced by the U.S. Trade Representative's office, the Commerce Department and the Department of Health and Human Services, Britain agreed to increase the net price paid by its National Health Service for new medicines by 25%, and to continue investments by its pharmaceutical companies in the U.S.

(Reporting by Andrea Shalal and Susan Heavey, Editing by Franklin Paul)