President Donald Trump is keeping up the pace with seemingly a new tariff development every day. This time, he flagged that levies are coming on pharmaceuticals as soon as the end of the month and semiconductors could be next.

Johnson and Johnson beat Wall Street’s quarterly sales expectations and raised its full-year outlook, a show of confidence as the pharmaceutical industry faces the dual threats of tariffs and a crackdown on drug pricing.

New data showing price increases last month could foreshadow even higher costs if the president imposes steep tariffs on Aug. 1.