Shares in Australian biotechnology company CSL experienced a sharp decline in early trading today, dropping 3.6 per cent. The fall followed an announcement from the White House regarding new regulations for pharmaceutical imports into the United States. CSL is a global biotechnology leader, researching, developing, manufacturing, and marketing a range of life-saving and life-extending medicines. It operates primarily through two businesses: CSL Behring and Seqirus.
The US will impose a 100 per cent tariff on imports of branded or patented pharmaceutical products, effective October 1. This measure was announced by President Donald Trump on Thursday, who stated that the tariff would be waived for manufacturers actively building manufacturing plants within the United States.
President Trump communicated the policy change via his social media platform, Truth Social. He clarified that pharmaceutical products would be exempt from the tariff if construction of a manufacturing facility in the US had commenced.
The new tariff regulations have sparked concern among pharmaceutical companies that export products to the United States, leading to investor uncertainty and the sell-off of CSL shares in early trading.
