CSL shares slide as Trump signals August start for pharma tariffs
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The news: CSL shares fell in morning trading after US President Donald Trump said he intends to implement tariffs on pharmaceuticals from 1 August, when copper and country-specific tariffs will also commence.
The numbers: CSL shares were down 1.3% to $247.34 at 11:50am AEST, having retreated nearly 20% since the turn of the year.
The context: Earlier this month, Trump said the US will soon impose tariffs of up to 200% on pharmaceuticals but companies would be given about a year, to a year and a half, to reshore supply chains before they come into effect.
What they said: "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 on Wednesday AEST.
The source: Bloomberg
