research and development

It said "significant progress" had already been made and "many years of investment in research and development" had reduced sugar in soft drinks by 46% in the last five years, with a 30% sugar reduction in pre-packed milk-based drinks in the last three years.

"For example, when buying research and development into a vaccine no one really knows how much that's going to cost - so when a price is set, it's not a definite price but rather an upper limit."

Developing countries are still angry at the way wealthy nations bought up and hoarded vaccines during Covid-19, while countries with large pharmaceutical industries worry mandatory transfers might undermine research and development.

He also pointed out how Beijing actively promoted high-tech innovation - in 2024, it had slashed $361bn in taxes and fees for high-tech firms, including $80.7bn in research and development deductions.

"We cant breach those agreements so we have to eat the cost of the tariffs and make trade offs within our own companies. Typically that will be in reduction of staff or research and development and I predict R&D will come first. That's a disappointing outcome."