CSL is war-gaming how it can move manufacturing to different parts of its global network to avoid trade tariffs if President Donald Trump follows through on his threats to apply duties to the importation of pharmaceutical products made outside the United States.

CSL chief executive Paul McKenzie said the company’s spread of manufacturing operations in the US, Europe and Australia was insurance against political tariffs. “We do the scenario modelling, and we can make adjustments as needed. I sometimes worry you can get tied up in every little nuance of these changes and drive yourself insane,” he said.