Johnson & Johnson (JNJ.US) Shares Drop Amid Broad Biopharma Sell-Off Following Trump's Drug Tariff Remarks

Intelligent Finance APP learned on Wednesday that biopharmaceutical stocks generally fell. Johnson & Johnson (JNJ.US) once dropped by 5.7% to its lowest intraday level since January 10th. Merck (MRK.US), Eli Lilly (LLY.US), and Pfizer (PFE.US) all fell more than 3%. In terms of news, U.S. President Trump gave a speech on April 8 local time, stating that the United States will impose tariffs on drugs. Trump said that the United States does not produce its own drugs and other health-improving products. The prices paid by the United States for drugs are often many times higher than those in drug-producing countries. Trump believes that once tariffs on drugs are imposed, pharmaceutical companies will open factories in the United States because the United States is "the largest market."