"In a wide-ranging move, Trump also announced 25% tariff on imports of all heavy-duty trucks, 50% tariffs on kitchen cabinets, a 50% tariff on bathroom vanities and a 30% tariff on upholstered furniture, with all the new duties taking effect from 1 October. The tariffs announced by Trump do not apply to generic pharmaceuticals, and companies will be exempt if they have begun constructing new manufacturing facilities in the US."
"The announcement has given investors a fresh reminder about the trade war, and the impact has already been evident in Asian markets, reports Jim Reid, market strategist at Deutsche Bank. Shares in Asia-Pacific companies with exposure to the US market have dropped today - Japan's Sumitomo Pharma are down 4.6%, and Austalia's biotechnology firm CSL have lost almost 2%. Shares in Europe's biggest pharma companies are also set to fall when trading begins;"
Tariffs of 100% on medicines and pharmaceutical goods imported into the US were announced, alongside 25% on heavy-duty trucks, 50% on kitchen cabinets and bathroom vanities, and 30% on upholstered furniture, all taking effect from 1 October. Generic pharmaceuticals are excluded, and companies that have begun constructing new manufacturing facilities in the US will be exempt. The measures were justified on national security grounds and to protect domestic manufacturers, with explicit aims to benefit certain truck makers. The announcement triggered immediate market reactions across Asia-Pacific equities and prompted anticipated declines in major European pharmaceutical stocks, despite an EU-US trade deal.
Read at www.theguardian.com
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