Pharma Industry Faces Jitters As Trump Hints At Historic Tariffs, BofA Outlines Probable Timeline

U.S. President Donald Trump, on Tuesday, disclosed plans for a "major tariff" on foreign pharmaceuticals.

"We're going to be announcing very shortly a major tariff on pharmaceuticals… when they hear that they will leave China, they will leave other places because… most of their product is sold here," Trump expressed at a National Republican Congressional Committee dinner.

He also told reporters on board his Air Force One plane that "pharma" tariffs would arrive "at a level that you haven't really seen before," saying these would be announced "in the near future," BBC report added.

Also Read: Trump Tariff Strategy Creates ‘Self-Inflicted Market Debacle': Analyst

When President Trump announced tariffs last week, he excluded pharmaceuticals from the new tariffs, likely a relief for the industry under pressure following his prior comments suggesting a 25% tariff on pharmaceutical imports. 

On Wednesday, in a surprise announcement from President Donald Trump, a 90-day pause on tariffs for countries that have not retaliated against U.S. trade measures.

The news ignited a broad risk-on rally, catapulting major indices to multi-month highs and sending volatility plunging.

Trump's latest Truth Social post slammed China for showing "a lack of respect" and declared an immediate 125% tariff hike on Chinese goods.

"At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A. and other Countries is no longer sustainable or ...

https://www.benzinga.com/25/04/44724763/pharma-industry-faces-jitters-as-trump-hints-at-historic-tariffs-bofa-outlines-probable-timeline