Asia report: Shares fall as Trump targets pharma, bathroom cabinets
By Frank Prenesti
Date: Friday 26 Sep 2025
(Sharecast News) - Asian shares fell on Friday, as US President Donald Trump took aim at with pharmaceutical companies, bathroom vanity units and upholstered furniture in the latest salvo of his global tariff war.
In Tokyo, the Nikkei 225 index fell 0.8% to 45,390, China's Shanghai Composite was down 0.65% to 3,828, South Korea's Kospi was the largest regional decliner, losing 2.45 to 3,386. Australia's ASX 200 bucked the trend and gained 0.17% to 8,787.
Trump said the US would impose 100% levies on imported branded drugs, 25% on heavy-duty trucks and 50% on kitchen cabinets.
Bathroom vanities would be slapped with a 50% tariff while upholstered furniture would face duties of 30%.
All the new charges would take effect on October 1, Trump added via social media posts.
Sentiment was also hit by US data on Thursday showing the economy was still standing up to pressure from tariffs, reducing the chances of steeper interest rate cuts. US GDP growth was revised to 3.8%, led by strong consumer spending and a reduction in imports, while there was also an unexpected fall in jobless claims.
"This show of economic strength could in turn lower the need for further cuts from the Fed, which would remove a major plank of the bull case," said Interactive Investor head of markets Richard Hunter.
"Sentiment was also hampered by the White House announcing a new raft of tariff measures which, all things being equal, will be inflationary and to the detriment of consumers as prices rise."
Reporting by Frank Prenesti for Sharecast.com
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