Asian pharma stocks decline after Trump slaps 100pc levies on branded drugs

Shares of Asian pharmaceutical companies fell Friday after US President Donald Trump announced fresh tariffs on furniture, heavy trucks and pharmaceutical products, reports CNBC.
Starting from October 1, "any branded or patented Pharmaceutical Product" faces 100 per cent duties, except for companies that build drug manufacturing plants in the US, Trump said in a Truth Social post early Friday.
The Topix Pharma Index fell 1.47 per cent following the announcement. Daiichi Sankyo and Chugai Pharmaceutical were among the companies that led losses, declining 2.11 per cent and 3.64 per cent, respectively. Sumitomo Pharma extended losses, tumbling 5.33 per cent.
Heavyweight South Korean pharma stocks like Samsung Biologics and SK Bio Pharmaceuticals were down 1.71 per cent and 3.71 per cent, respectively.
Hong Kong-listed pharma companies also fell. Alibaba Health Information Technology and JD Health were also among the top losers list, falling 2.92 per cent and 2.23 per cent, respectively.
In a separate Truth Social post, Trump said that imports of heavy trucks will be imposed a 25 per cent levy. Meanwhile, kitchen cabinets, bathroom vanities and "associated products" will face a 50 per cent tariff, while a 30 per cent tariff will be charged for upholstered furniture.
Among Asia-Pacific markets, Japan's Nikkei 225 declined 0.87 per cent to close at 45,354.99 on Friday, while the Topix rose marginally to close at a fresh record high of 3,187.02. 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 per cent, compared to expectations of 2.8 per cent from economists polled by Reuters. Headline inflation held steady at 2.5 per cent. Tokyo's inflation figures are widely considered to be a leading indicator of nationwide trends.
South Korea's Kospi declined 2.45 per cent, leading losses in Asia to close at 3,386.05 while the small-cap Kosdaq retreated 2.03 per cent to 835.19.
Australia's S&P/ASX 200 added 0.17 per cent to 8,787.7.
Hong Kong's Hang Seng index declined 1.35 per cent to 26,128.20, while the mainland Chinese CSI 300 index was 0.95 per cent lower at 4,550.05.