Pfizer Inc. has avoided broad tariffs on pharmaceuticals through an agreement with the Trump administration, giving the company a three-year reprieve from potential tariffs. The agreement addresses Trump’s concerns about high drug prices in the U.S. Pfizer has committed to introducing new treatments at parity and offering comparable prices globally, along with a $70 billion investment in U.S. manufacturing and research, as well as Medicaid discounts. The S&P 500 Pharmaceuticals Index rose almost 4%, and Pfizer’s shares increased by 5.6% following the news. Health Secretary Robert F. Kennedy Jr. praised Pfizer CEO Albert Bourla for prioritizing public health interests.

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