Trump's Pharma Tariff Plan Shakes Markets

U.S. stock index futures pointed to a lower open influenced by President Trump's plans for pharma tariffs, adding to market uncertainty. With Wall Street witnessing a downturn, the tariffs have affected investor sentiment, corporate earnings, and increased global trade anxiety among consumers and businesses.

U.S. stock index futures signaled a lower opening on Tuesday as President Trump announced impending pharmaceutical tariffs, contributing to waning investor sentiment amid unimpressive corporate earnings.

In his latest move concerning tariffs, Trump revealed plans late on Monday to introduce pharma levies within the next two weeks. This development has continued to disrupt global financial markets over recent months. Shares of drugmakers like Eli Lilly and Pfizer remained steady or slightly declined in premarket trading following the announcement, counterbalancing optimism surrounding Trump's executive order to expedite pharmaceutical manufacturing plant approvals.

The revelation follows Trump's Sunday decision to impose tariffs on foreign films. Wall Street experienced a decline on Monday, bringing the S&P 500's nine-day winning streak to a halt, its longest in two decades. Business leaders, consumers, and the U.S. Federal Reserve have adopted a cautious approach as they assess the ongoing tariff scenario's effects.

(With inputs from agencies.)