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 pharmaceutical index, last down 1%, while the Hong Kong-listed innovative drug index slid 2.8%.

Shares in South Korean drugmaker SK Biopharmaceuticals fell 2.7%, while Australian biotech firm CSL was last down 1.6%, after slumping more than 3% earlier in the session.

An index tracking Chinese-listed furniture

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