Pharmaceutical stocks made a dramatic recovery after President Donald Trump announced a 90-day postponement of “reciprocal” tariffs on global trade partners, just hours after the U.S. had begun collecting the duties.
Companies such as Ely Lilly, Pfizer, Alnylam Pharmaceuticals, and Ascendis Pharma recovered early losses and ended the day above their previous closing prices.
While President Trump pulled back from additional tariffs on most countries, he did not say whether he's reconsidered future tariffs on pharmaceuticals.
"We're going to be announcing very shortly a major tariff on pharmaceuticals, and when they hear that, they will leave China and other places because they have to sell most of their product here," the president said Tuesday night. "They’re going to be opening up their plants all over our country."
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In an interview with Scripps News, Sen. Mark Kelly criticized Trump's potential tariff on pharmaceuticals and encouraged people to purchase the medications they need now.
"Seniors really struggle on fixed incomes. If individuals are just on Social Security and they have medication costs that are relatively high, the last thing we want to do to them is to drive up the cost of their medicine," Kelly said. "Now they're going to make choices between their medication or paying rent."
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