CSL Limited (ASX: CSL) shares surged 5.56% in intraday trading on Thursday, bucking the trend of a broader pharmaceutical sector decline triggered by U.S. President Trump's renewed threats of tariffs on drug imports. The Australian biotechnology giant's impressive rally comes as a surprise, given the significant downturn experienced by many of its global peers.

The pharmaceutical sector has been rocked by President Trump's recent comments about imposing tariffs on drug imports, causing widespread selloffs. Major pharmaceutical indices in the U.S. and Europe saw sharp declines, with many large drug companies experiencing losses of 3% to 6%. However, CSL's strong performance suggests that investors see the company as particularly well-positioned to weather potential trade headwinds.

According to a recent analysis by Macquarie Group, CSL has so far escaped the impact of reciprocal tariffs due to current exemptions for pharmaceutical products. "CSL is left unscathed by reciprocal tariffs as pharmaceuticals are exempted," Macquarie noted. This exemption may be a key factor in investor confidence, driving the stock's impressive gains despite the sector-wide turbulence.

However, Macquarie also cautioned that potential sector-wide tariffs remain a key risk for CSL in the near term. As the global trade landscape continues to evolve, investors will be closely watching how CSL navigates these challenges and whether it can maintain its current momentum in the face of potential future tariffs.