Shares in several European and Asian makers of generic medicines fell after President Trump said the U.S. would place tariffs on such drugs starting in August 2028.

In European midday trading Wednesday, shares in Switzerland's Sandoz were down 3%. Germany's Fresenius and London-listed Hikma Pharmaceuticals were down 1.4% and 0.8%, respectively.

The stock losses in Europe tracked earlier declines in Asia. India's Lupin closed 4.3% lower, Aurobindo Pharma fell 3%, while Dr. Reddy's Laboratories and Glenmark Pharmaceuticals both dropped around 2%.

Trump wrote on his Truth Social platform that he would give two years for drugmakers to move plants to the U.S. before introducing the levies, starting at 100% from August 2028 for one year before increasing them to 200%.