US Pharma Tax Avoidance Fuels Soaring Trade Deficit with Ireland

A massive surge in the US trade deficit with Ireland is driven by American pharmaceutical companies exploiting loopholes in the 2017 tax code to avoid paying US taxes. They're manufacturing drugs abroad, primarily in Ireland, and importing them back into the US, even though domestic production is feasible. This practice reduces US tax revenue and exacerbates the trade deficit, prompting calls for tax law reform.