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Investing.com -- Shares of AstraZeneca (ST:AZN) and GlaxoSmithKline (LON:GSK) fell on Wednesday after U.S. President Donald Trump said tariffs on imported drugs could be imposed “very soon.”
AstraZeneca dropped 1.2% and GlaxoSmithKline declined 1.2% in London trading. Roche (LON:0QQ6), Sanofi (EPA:SASY) (NASDAQ:SNY), and Indian firms Sun Pharma and Dr. Reddy’s Laboratories also reported losses.
Trump said during a campaign stop that pharmaceutical manufacturing should return to the United States and that “major” drug tariffs were imminent.
Similar remarks in April triggered a sharp sell-off in the sector, cutting £14 billion from the value of the U.K.-listed drugmakers.
Trade groups including PhRMA and BIO said such tariffs could violate World Trade Organization rules and disrupt drug supply chains. The European Union, China, and South Korea have issued formal objections.
GlaxoSmithKline is increasing U.S. manufacturing investment and expanding AI-driven efficiency programs. AstraZeneca said it continues to monitor geopolitical developments.
Pharmaceutical (TADAWUL:2070) products were previously exempt from major U.S. trade tariffs. The U.S. Trade Representative’s office declined to comment on potential new measures.