Cityscape and Tokyo Tower at sunset, Tokyo, Japan.
© Marco Bottigelli | Moment | Getty Images
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.
Japan’s Nikkei 225 fell 0.28%, while the Topix rose 0.39% to reach a fresh record high. 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.
South Korea’s Kospi declined 1.86%, leading losses in Asia, while the small-cap Kosdaq retreated 1.45%.
Australia’s S&P/ASX 200 retreated 0.23%.
Hong Kong’s Hang Seng index futures were at 26,372, lower than the HSI’s last close of 26,484.68.
Overnight in the U.S., the pullback in tech on Wall Street continued for a third straight day, partly due to rising yields.
The 10-year Treasury yield touched 4.2% after data on initial claims for unemployment insurance came in lower than expected. Artificial intelligence play Oracle slid 5%, while Tesla was also among the day’s laggards, falling 4%.
The S&P 500 closed down 0.50% at 6,604.72, as did the Nasdaq Composite, which settled at 22,384.70. The Dow Jones Industrial Average shed 0.38%, to finish at 45,947.32.
—CNBC’s Jonathan Varnian, Pia Singh and Sean Conlon contributed to this report.