By Katherine Hamilton
Shares of pharmaceutical companies turned around after President Trump said there would be a 90-day pause on tariffs.
Shares of drug companies including AbbVie, Eli Lilly, Pfizer and Merck were recently up 1% to 2% immediately following Trump's announcement, reversing 3% to 5% drops earlier in the day. The Dow Jones U.S. Pharmaceuticals Index, which had previously in the day touched a 52-week low, rose 1% to $808.23.
Trump said in a post Wednesday afternoon he was pausing tariffs for 90 days, except on China, where he plans to implement a 125% duty.
Pharmaceuticals are generally exempt from tariffs, but the latest announcement helps assuage fears that Trump would slap tariffs on the industry. Comments he made Tuesday night pledging to take away drugmakers' tariff exemption sent their stocks down the next morning.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
April 09, 2025 14:03 ET (18:03 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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