Moderna, Inc. (MRNA) saw its stock plummet 5.05% in after-hours trading on Wednesday, following U.S. President Donald Trump's announcement of reciprocal tariffs on pharmaceutical imports. The move has sent shockwaves through the biotech and pharmaceutical sectors, with several major players experiencing significant declines.

According to reports, the proposed tariffs on major drug trading partners include 20% on the European Union, 26% on India, and 34% on China. While the White House clarified that pharmaceuticals were exempt from Wednesday's tariffs, Trump's plans for sector-specific tariffs, including pharmaceuticals, have rattled investors.

The impact of this announcement was felt across the industry, with other major pharmaceutical companies also experiencing declines in extended trading. Johnson & Johnson fell 0.6%, Eli Lilly dropped 2.4%, Bristol Myers Squibb decreased 0.7%, and Regeneron saw a 2% decline. The broader SPDR S&P Biotech ETF fell by 4%, indicating the widespread nature of the market reaction.

This development comes at a time when the pharmaceutical industry is already facing challenges, including potential regulatory changes and increased scrutiny. The recent resignation of Dr. Peter Marks, the FDA's lead vaccine regulator, has added to the uncertainty surrounding vaccine approvals and could potentially impact companies like Moderna, which focuses heavily on vaccine development.