Former President Trump has ramped up his trade rhetoric, announcing plans to impose tariffs of up to 250% on pharmaceuticals and chips, which has sent European pharma stocks to a three-month low. As uncertainty looms, drug companies are investing heavily in U.S. manufacturing in hopes of mitigating the impact of these tariffs. Meanwhile, U.S. stock markets have reacted negatively, with predictions of significant tariffs further fuelling investor anxiety. Trump is expected to provide more details on his tariff strategy in the coming week, as the administration seeks to address drug affordability and bolster domestic production.