Pharma companies breathe sigh of relief after Trump tariffs — for now

Pharmaceutical companies breathed a sigh of relief Wednesday after U.S. President Donald Trump revealed that they would not be subject to reciprocal tariffs — but that reprieve could prove fleeting as the White House moves ahead with plans for the sector.

The Trump administration is considering launching a so-called 232 investigation into pharmaceuticals, among other industries, which could lead to import duties under the Trade Expansion Act, Bloomberg cited a senior administration official as saying on Wednesday.

The White House did not immediately respond to CNBC’s request for confirmation.

“The pharmaceutical companies are going to come roaring back, they are coming roaring back, they are all coming back to our country because if they don’t they got a big tax to pay. And if they do, I’ll be very happy,” Trump said during his “Liberation Day” tariff announcement.