Drugmakers are lobbying Trump to phase in tariffs on imported pharmaceutical products in hopes of reducing the sting from the charges and to allow time to shift manufacturing, according to four sources familiar with the discussions.

Leerink Partners analyst David Resinger warned his clients on Sunday that the tariff risks to the industry are 'underappreciated.'

For more than three decades, the pharmaceutical sector has been protected from tariffs by a World Trade Organization agreement designed to improve access to life-saving drugs.