US President Donald Trump announced a new set of import tariffs on Thursday, including a 100% tariff on branded drugs and a 25% tariff on heavy-duty trucks. The measures will take effect on October 1.
Trump announced the new tariffs on his Truth social media page, but did not specify which countries' goods would be subject to the tariffs or whether they would apply to countries that have trade agreements with the US on tariffs.
The US president also announced a 50% tariff on kitchen cabinets and bathroom vanity tops, as well as a 30% tariff on upholstered furniture.
The news led to a sharp decline in pharmaceutical stocks across Asia, with a Chinese pharmaceuticals index losing 1.1%.
