Major pharmaceutical stocks were down in recent Wednesday trading after multiple news outlets reported that President Donald Trump said Tuesday the US will impose a significant tariff on pharmaceutical imports.
Shares of Johnson & Johnson (JNJ) dropped 2.4%, Pfizer (PFE) slid 2.5%, Biogen (BIIB) declined 1.9%, Bristol-Myers Squibb (BMY) slipped 4.4%, Eli Lilly (LLY) lost 3%, Merck (MRK) retreated 2.7% and Amgen (AMGN) fell 2.6%.
Also on Wednesday, the Chinese Finance Ministry said China has increased tariffs on imports from the US to 84% from 34%, starting April 10, in response to Trump's decision to increase a "reciprocal tariff" on Chinese goods.
On the same day, Bloomberg reported that the European Union has adopted tariffs that will hit about 21 billion euros ($23.25 billion) worth of US goods in response to the 25% duties Trump imposed in March on the bloc's steel and aluminum exports.
Price: 146.43, Change: -3.57, Percent Change: -2.38
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