Drugmaker stocks gained a temporary reprieve on Thursday as U.S. President Donald Trump spared pharmaceutical products from reciprocal tariffs, but executives and analysts warned it was premature to celebrate as tariffs were still likely to come.

VanEck Pharma ETF (PPH) which represents Big Pharma rises despite ongoing industry specific challenges as pharmaceuticals are excluded from new tariffs. Read more here.

To be sure, some goods will not be subject to the reciprocal tariff. They include steel and aluminum articles and autos and auto parts, which are already subject to Section 232 tariffs.