Cityscape and Tokyo Tower at sunset, Tokyo, Japan.<\/p>\n
\u00a9 Marco Bottigelli | Moment | Getty Images<\/p>\n
Shares of Asian pharmaceutical companies fell Friday after U.S. President Donald Trump announced fresh tariffs<\/a> on furniture, heavy trucks and pharmaceutical products.<\/p>\n Starting from Oct. 1, “any branded or patented Pharmaceutical Product” faces 100% duties<\/a>, except for companies that build drug manufacturing plants in the U.S., Trump said in a Truth Social post early Friday.<\/p>\n The Topix Pharma Index fell 1.39% following the announcement. Daiichi Sankyo<\/a> and Chugai Pharmaceutical<\/a> were among the companies that led losses, declining 3.34% and 2.18%, respectively. Sumitomo Pharma<\/a> tumbled 3.03%.<\/p>\n Heavyweight South Korean pharma stocks like Samsung Biologics and SK Bio Pharmaceuticals were down 1.66% and 2.66%, respectively.<\/p>\n Hong Kong-listed pharma companies were among the largest losers on the Hang Seng Index, with Wuxi Biologics<\/a> in the lead, dropping 2.95%. Alibaba Health Information Technology<\/a> and Sino Biopharmacutical<\/a> were also among the top losers list, falling 1.84% and 1.25%, respectively.<\/p>\n In a separate Truth Social post, Trump said that imports of heavy trucks will be imposed a 25% levy<\/a>. Meanwhile, kitchen cabinets, bathroom vanities and “associated products” will face a 50% tariff, while a 30% tariff will be charged for upholstered furniture.<\/p>\n Overnight in the U.S., Trump also signed<\/a> an executive order<\/a> 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.<\/p>\n 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.<\/p>\n Japan’s Nikkei 225<\/a> was flat, while the Topix rose 0.59% to reach a fresh record high. Investors also assessed September inflation data from Japan’s capital city of Tokyo.<\/p>\n 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.<\/p>\n South Korea’s Kospi<\/a> declined 2.02%, leading losses in Asia, while the small-cap Kosdaq retreated 1.57%. <\/p>\n Australia’s\u00a0S&P\/ASX 200<\/a> was marginally below the flatline.<\/p>\n Hong Kong’s Hang Seng index<\/a> fell 0.86%, while the mainland Chinese CSI 300 index was flat.<\/p>\n Overnight in the U.S., the pullback in tech on Wall Street continued for a third straight day, partly due to rising yields.<\/p>\n The\u00a010-year Treasury yield<\/a>\u00a0touched 4.2% after\u00a0data on initial claims for unemployment insurance<\/a>\u00a0came in lower than expected. Artificial intelligence play Oracle<\/a>\u00a0slid 5%, while Tesla<\/a>\u00a0was also among the day’s laggards, falling 4%.<\/p>\n The\u00a0S&P 500<\/a>\u00a0closed down 0.50% at 6,604.72, as did the\u00a0Nasdaq Composite<\/a>, which settled at 22,384.70. The\u00a0Dow Jones Industrial Average<\/a>\u00a0shed 0.38%, to finish at 45,947.32.<\/p>\n \u2014CNBC’s Jonathan Varnian, Pia Singh and Sean Conlon contributed to this report.<\/p>\n","protected":false},"excerpt":{"rendered":"Cityscape and Tokyo Tower at sunset, Tokyo, Japan. \u00a9 Marco Bottigelli | Moment | Getty Images Shares of…\n","protected":false},"author":2,"featured_media":38303,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[31223,3199,7257,941,114,357,31221,31220,3449,85,46,7258,190,3197,3310,31224,31222,2966,31225],"class_list":["post-38302","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-alibaba-health-information-technology-ltd","tag-asia-economy","tag-breaking-news-asia","tag-breaking-news-markets","tag-business","tag-business-news","tag-chugai-pharmaceutical-co-ltd","tag-daiichi-sankyo-co-ltd","tag-hang-seng-index","tag-il","tag-israel","tag-kospi-index","tag-markets","tag-nikkei-225-index","tag-sp-500-index","tag-sino-biopharmaceutical-ltd","tag-sumitomo-pharma-co-ltd","tag-world-markets","tag-wuxi-biologics-cayman-inc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/38302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=38302"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/38302\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/38303"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=38302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=38302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=38302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}