Asia Stocks Fall After Trump Slaps Tariffs, Approves TikTok Deal

​Pharma Takes the Hit
Asian pharmaceutical stocks tumbled Friday after President Trump announced 100% tariffs on branded drug imports. The move, set to start October 1, exempts only companies that build drug plants in the U.S. Major names like Daiichi Sankyo, Chugai, and Sumitomo Pharma all slid sharply, with losses spilling over into South Korean and Hong Kong pharma firms.

More Tariffs on the Table
Trump didn’t stop at medicine. He also slapped tariffs on heavy trucks (25%), kitchen cabinets and vanities (50%), and upholstered furniture (30%). The announcement sent ripples across global markets, adding another layer of trade uncertainty.

TikTok Gets a Lifeline
In a surprise move, Trump signed an executive order approving a TikTok deal, valuing its U.S. business at $14 billion. The new structure creates a joint venture where ByteDance keeps less than a 20% stake — though China must still approve.

Market Reaction in Asia
- Japan: Nikkei slipped nearly 0.9%, while the Topix managed a record high close.
- South Korea: Kospi dropped 2.45%, with the Kosdaq down just over 2%.
- Hong Kong: Hang Seng fell 1.35%, and mainland China’s CSI 300 lost almost 1%.
- Australia: Bucked the trend, with the ASX 200 up slightly.

Wall Street Connection
Overnight in the U.S., tech stocks extended their slump for a third day as Treasury yields climbed. Oracle dropped 5%, Tesla fell 4%, and the S&P 500, Nasdaq, and Dow all closed lower.

The Bottom Line
​Trump’s tariff blitz rattled Asia, hitting pharma hardest, while his TikTok approval injected a rare bit of optimism. For investors, it’s another reminder that policy shocks can swing markets just as much as earnings or data.