Shares of Asian pharmaceutical companies fell Friday after U.S. President Donald Trump announced fresh tariffs on furniture, heavy trucks and pharmaceutical products.
In Japan, the Nikkei 225 plunged 399.94 points, or 0.9%, to 45,354.00.
Investors also assessed September inflation data from Japan’s capital city of Tokyo.
Core inflation in the city came in softer than expected at 2.5%, compared to expectations of 2.8% from economists polled by Reuters. Headline inflation held steady at 2.5%. Tokyo’s inflation figures are widely considered to be a leading indicator of nationwide trends.
In Hong Kong, the Hang Seng deleted 356.48 points, or 1.4%, to 26,128.20.
Starting from Oct. 1, “any branded or patented Pharmaceutical Product” faces 100% duties, except for companies that build drug manufacturing plants in the U.S., Trump said in a Truth Social post early Friday.
Daiichi Sankyo and Chugai Pharmaceutical were among the companies that led losses, declining 2.11% and 3.64%, respectively. Sumitomo Pharma extended losses, tumbling 5.33%.
Hong Kong-listed pharma companies also fell. Alibaba Health Information Technology and JD Health were also among the top losers list, falling 2.92% and 2.23%, respectively.
Heavyweight South Korean pharma stocks like Samsung Biologics and SK Bio Pharmaceuticals were down 1.71% and 3.71%, respectively.
In a separate Truth Social post, Trump said that imports of heavy trucks will be imposed a 25% levy. Meanwhile, kitchen cabinets, bathroom vanities and “associated products” will face a 50% tariff, while a 30% tariff will be charged for upholstered furniture.
CHINA
In Shanghai, the CSI 300 lost 43.94 points, or 1%, to 4,550.05
Overnight in the U.S., Trump also signed an executive order approving a proposal that would keep TikTok alive in the U.S. The transaction values the business at $14 billion, according to Vice President JD Vance.
Under the terms, which China must approve, a new joint-venture company will oversee TikTok’s U.S. business, with ByteDance retaining less than a 20% stake.
In other markets
In Korea, the Kospi let go of 85.06 points, or 2.5%, to 3,386.05
In Singapore, the Straits Times Index ditched 7.88 points, or 0.2%, to 4,265.98.
In Taiwan, the Taiex index crumbled 443.53 points, or 1.7%, to 25,580.32
In New Zealand, the NZX 50 lost 42.06 points, or 0.3%, to 13,111.73
In Australia, the ASX 200 nicked higher 11.47 points, or 0.2%, to 8,797.72
