Pharmaceutical Stocks Take a Hit as Tariffs Loom

The pharmaceutical industry took a hit as tariffs loomed, with companies like Alnylam Pharmaceuticals and Ascendis Pharma experiencing significant declines in market value. The sector was particularly affected after President Trump suggested imposing additional tariffs on medicine entering the US.

"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. They’re going to be opening up their plants all over our country,"

President Trump made the comment on Tuesday evening, sparking concerns about the potential impact on the industry. The move was seen as a further escalation in the trade tensions between the US and other countries.