10:18 AM EDT, 04/09/2025 (MT Newswires) -- Major pharmaceutical stocks were down in recent Wednesday trading after multiple news outlets reported that President Donald Trump said Tuesday the US will impose a significant tariff on pharmaceutical imports.

Shares of Johnson & Johnson ( JNJ ) dropped 2.4%, Pfizer ( PFE ) slid 2.5%, Biogen (BIIB) declined 1.9%, Bristol-Myers Squibb ( BMY ) slipped 4.4%, Eli Lilly ( LLY ) lost 3%, Merck ( MRK ) retreated 2.7% and Amgen ( AMGN ) fell 2.6%.

Also on Wednesday, the Chinese Finance Ministry said China has increased tariffs on imports from the US to 84% from 34%, starting April 10, in response to Trump's decision to increase a "reciprocal tariff" on Chinese goods.

On the same day, Bloomberg reported that the European Union has adopted tariffs that will hit about 21 billion euros ($23.25 billion) worth of US goods in response to the 25% duties Trump imposed in March on the bloc's steel and aluminum exports.

Price: 146.43, Change: -3.57, Percent Change: -2.38