Asian shares fell on Friday after US President Donald Trump announcedplans for new import tariffs, including a 100% tax on pharmaceutical drugsstarting October 1. US futures also slipped while oil prices rose.
Government data showed inflation in the Tokyo area rose 2.5%year-on-year in September, the same pace as August but below forecasts of 2.8%.
Hong Kong’s Hang Seng index declined 0.7% to 26,313.66 and the ShanghaiComposite slipped 0.1% to 3,850.07. Elsewhere, Australia’s S&P/ASX 200gained 0.2% to 8,790.20, India’s BSE Sensex lost 0.7%, and Taiwan’s Taiexretreated 1.5%.
Trump announced the tariffs in a series of Truth Social posts, sayingthe US will levy 100% tariffs on branded and patented pharmaceutical imports,25% on heavy trucks, 50% on kitchen cabinets and bathroom vanities, and 30% onupholstered furniture.
Trump has previously threatened tariffs of up to 250% on pharmaceuticalimports, saying he would start with smaller measures before escalating overtime. In early September, his administration also opened Section 232 reviews ofpersonal protective equipment, medical devices, robotics, and industrialmachinery.
The United States has used Section 232 to impose duties on steel,aluminum, and cars in recent years. Ongoing reviews of semiconductors and othergoods could lead to further tariffs. Trump did not clarify whether the newmeasures would affect existing trade arrangements with partners such as theEuropean Union and Japan.
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