September 26, 2025 9:06 AM
Stocks slump as Trump slaps new tariffs, Fed cut bets recede
Shares in Asia slid on Friday, with pharmaceutical companies hit hard after U.S. President Donald Trump unveiled a fresh round of punishing tariffs and as traders pared bets of sharp U.S. rate cuts following stronger-than-expected economic data. Trump announced the U.S. would impose 100% duties on imported branded drugs, 25% tariffs on heavy-duty trucks and 50% tariffs on kitchen cabinets. Shares of pharmaceutical companies across Asia tumbled in the aftermath, with Japan's Topix pharmaceutica...