The pharma sector will be in focus on July 16, after Donald Trump said that pharmaceuticals tariffs would be implemented soon.
Shares of pharmaceutical companies traded flat on Wednesday, July 16, after U.S. President Donald Trump indicated that pharma tariffs were likely to be imposed towards the end of the month.
“Probably at the end of the month, and we’re going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we’re going to make it a very high tariff,” Trump said.
At 9.20 a.m., the Nifty Pharma index was flat. Biocon, Natco Pharma and IPCA Labs led the gains, rising up to 3.5 percent, while Divi’s Labs and Cipla dragged the pack.
Earlier this month, Trump also indicated that the levies on pharma players could be as high as 200 percent. The President’s aim is to give companies time to onshore manufacturing, following which, those that failed to do so would face strong tariffs.
“We’re going to give people about a year, a year and a half to come in, and after that, they’re going to be tariffed,” Trump said.
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