President Donald Trump said he will announce a major tariff on pharmaceutical products "very shortly," in a bid to bring production back to the U.S. Trump has threatened pharma tariffs on a number of occasions since returning to the White House in January.

Pharma’s reprieve from Donald Trump’s tariffs is expected to be temporary, with Leerink analysts anticipating possible sector-specific duties “in the next month or so.”

Stocks in drugmakers sold off globally after President Trump said tariffs on pharmaceutical imports will be unveiled shortly, signaling the industry could be next in line amid a trade war that is causing market turmoil.