Trump’s tariffs likely to hit small biotechs hardest

Biopharmaceutical companies, investors, foreign governments, and members of his own administration are scrambling to make sense of President Donald Trump’s 63-word Truth Social post announcing new pharmaceutical tariffs.

Trump threatened to impose 100% tariffs on imports of branded drugs starting Oct. 1, while exempting companies with pharmaceutical plants “breaking ground” or already under construction in the U.S...