Roche CEO Thomas Schinecker and Swiss pharmaceutical executives will meet with the government to discuss U.S. tariffs. A 39% tariff has been imposed on Swiss goods, excluding pharmaceuticals. The pharma industry is also awaiting a national security investigation that could lead to 250% tariffs on U.S. drug imports.

Pharmaceuticals are Switzerland’s most important export sector to the U.S., valued at $41.28 billion. Roche, Novartis, and Sandoz will attend the meeting with Swiss government officials. If the 39% tariff extends to pharmaceuticals, Swiss economic output could drop by over 1%.

Swiss pharma exports to the U.S. have decreased since April due to stockpiling. Swiss companies plan to increase spending in the U.S. to counter import duties. Roche intends to invest $50 billion and create 12,000 new jobs, while Novartis will spend $23 billion on facilities to localize production for the American market.

Read more at Yahoo Finance: Roche CEO, pharma execs to meet with Swiss government over US tariffs