Pfizer Inc ( PFE ) shares are moving lower Wednesday alongside several pharmaceutical giants after President Donald Trump indicated that tariffs on pharmaceutical companies are on the horizon.

What Happened: At a dinner on Capitol Hill with House Republicans Tuesday night, Trump announced that “major” tariffs on pharmaceutical products made outside the U.S. are coming “very shortly,” according to the Wall Street Journal.

“We're going to tariff our pharmaceuticals and once we do that they're going to come rushing back into our country because we're the big market,” Trump reportedly said.

“So we're going to be announcing very shortly a major tariff on pharmaceuticals and when they hear that, they will leave China, they will leave other places because they have to — most of their product is sold here.”

Check This Out: Xi Jinping Hits Back: China Raises Tariffs On US Goods To 84%, Doubling Down On Trade War

The report indicates that Trump claimed the U.S. is currently generating approximately $2 billion from tariffs per day. He also reportedly said countries are “dying to make a deal” following his sweeping reciprocal tariff announcement.

Trump’s tariffs went into effect on Wednesday, including a massive 104% tariff on goods from China. China responded by hiking tariffs on U.S. imports from 34% to 84%, deepening the trade war between the world’s two largest economies.

“There are no winners in a trade war,” China’s commerce ministry reportedly said in a statement. “China does not want one, but the government will never allow the legitimate rights and interests of the Chinese people to be harmed or taken away.”

Pfizer ( PFE ) is one of the world’s largest pharmaceutical companies, with annual sales above $63 billion in 2024. Shares are down approximately 20% year-to-date.

UBS analyst Trung Huynh maintained Pfizer ( PFE ) with a Neutral rating and lowered the price target from $28 to $24 on Tuesday. Goldman Sachs downgraded Pfizer ( PFE ) to Neutral and lowered its price target from $32 to $25.

PFE Price Action: Pfizer ( PFE ) shares were down 2.77% at $21.24 at the time of publication Wednesday, according to Benzinga Pro.