The FTSE 100 opened 22 points up this morning, despite threats of pharma and metals tariffs with stark implications for major stocks on the blue chip index. 

President Trump has said that an announcement is coming “very soon” on pharmaceutical tariffs – with a possible 200 per cent rate landing in “about a year”. 

Major FTSE 100 pharma stocks have stayed roughly steady at market open following the news overnight. 

Astrazeneca (AZ) stocks were down 0.37 per cent, while GSK was down 0.11 per cent.  

In 2024, the US imported $212bn worth of pharmaceuticals. 

So far, pharma products have been spared from tariffs, though Trump has made multiple veiled threats that the exemption will likely not hold. 

City AM reported in April that cap ex spending in the sector has been pivoting increasingly towards the US, in the hopes of swerving crushing rates of possible tariffs. 

Trump posted on his Truth Social platform that tariffs have had “ZERO IMPACT on inflation” and that “Import Prices are actually DROPPING”. 

Copper concerns 

Meanwhile, Trump’s latest tariff tirade sent copper prices soaring to all time highs.