Pfizer, Amgen, Johnson & Johnson, others drop at US market open amid Trump’s US pharma tariff fears
US Markets Today: Pharmaceutical sector stocks fell at Wall Street open on Wednesday, April 9, after fear over the upcoming US tariffs on pharma imports spooked investors amid a raging trade war between the United States and other world nations.
Stocks like Pfizer, Amgen, Johnson & Johnson, were among others which dropped on Wednesday as the markets opened in the United States.
Trump Pharma Tariffs
Donald Trump announced on Tuesday, April 8, that the United States will soon impose a “major” tariff on pharmaceutical imports into the Western nation amid the ongoing tariff war.
“We’re gonna tariff our pharmaceuticals … we’re going to be announcing very shortly a major tariff on pharmaceuticals,” said President Donald Trump in his address.
So far, the pharmaceuticals sector has been exempted from the tariffs which were announced last week, but now, as the US plans to impose a duty on drug imports into the nation, investors have become cautious about the pharma stock in the US.
Pharma companies around the world depend on supply of their raw material from foreign nations, US Big Pharma companies are no exception for the same.
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