Swiss Market Index Plummets Amid US Trade War Escalation

The Swiss Market Index (SMI) experienced a significant drop, falling over 5% on Wednesday. This downturn was primarily driven by the intensifying trade war initiated by the United States, with a focus on the pharmaceutical sector.

Impact of US Tariff Announcement on Pharma Stocks

US President Donald Trump announced plans to impose a "major tariff" on pharmaceuticals, leading to a widespread selloff among Swiss pharmaceutical companies. Notable losers included Novartis AG, which saw a 6.97% decrease, and Roche Holding AG, with a 6.08% drop.