By Lim Hui Jie,Nur Hikmah Md Ali
Copyright cnbc
Shares of Asian pharmaceutical companies fell Friday after U.S. President Donald Trump announced fresh tariffs on furniture, heavy trucks and pharmaceutical products.
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.
The Topix Pharma Index fell 1.39% following the announcement. Daiichi Sankyo and Chugai Pharmaceutical were among the companies that led losses, declining 3.34% and 2.18%, respectively. Sumitomo Pharma tumbled 3.03%.
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.
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.
