Novo Nordisk (NVO), the maker of the popular GLP-1 medications Wegovy and Ozempic, said potential tariffs on Europe imposed by U.S. President Donald Trump could affect its business.

AdvaMed, the largest medical device association globally, urged the Trump administration to exempt medical products from the tariffs. In a statement, the group said import taxes could lead to shortages of critical medical technologies, higher prices for patients and payers, and less investment in research and development.

Trump initiated the sweeping tariffs to “hold Mexico, Canada, and China accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other dr