Novartis could have a U.S. deal that shields it from tariffs, CEO tells CNBC

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Swiss pharmaceutical giant Novartis

’ CEO has said he “thinks” the company has an agreement with the U.S. to shield it from tariffs.

Speaking at Davos, Novartis CEO Vas Narasimhan told CNBC’s Karen Tso and Steve Sedgwick that its $23 billion investment in manufacturing, announced last year, was a moat against levies.

He was speaking after U.S. President Donald Trump pledged to impose 10% tariffs on the U.K., Denmark, Norway, Sweden, France, Germany, the Netherlands, and Finland by Feb. 1, as he ramps up economic pressure as part of a campaign to acquire the self-governing Danish territory of Greenland. The levy will rise to 25% from June 1, Trump said.