U.S. President Trump wielded the tariff weapon once again on Thursday, announcing tariff measures targeting various imported products.

On September 25 local time, Trump announced on his social media platform "Truth Social" that starting October 1, the United States will implement a new round of high tariffs on multiple categories of imported products. The measures include a 25% tariff on all imported heavy trucks; 50% tariffs on kitchen cabinets, bathroom vanities, and related building materials; 30% tariffs on imported furniture; and 100% tariffs on patented and brand-name pharmaceuticals.

Regarding pharmaceuticals, Trump wrote: "Starting October 1, 2025, we will impose a 100% tariff on any brand or patented drugs, unless a company is building their pharmaceutical manufacturing facility in the United States. 'IS BUILDING' will be defined as 'breaking ground' and/or 'under construction.' Therefore, if construction has already begun, no tariffs will be imposed on these drugs. Thank you for your attention to this matter!"

On the morning of September 26, pharmaceutical sectors across Asia-Pacific markets fell broadly.

A-share biomedical sectors declined, with weight-loss drugs, innovative drugs, and CRO indices leading the decline.

Individual stocks saw Sunflower drop over 10%, while Aucegen, Grandpharma, and Jimin Healthcare were among the top decliners.

In Hong Kong stocks, the Hang Seng Biotech Index opened down nearly 2% and continued to fluctuate downward after the opening. MicroPort CardioFlow, Akeso, BeiGene, WuXi Biologics, and WuXi AppTec all experienced significant declines.

In Japanese stocks, Sumitomo Pharma fell over 4%, Daiichi Sankyo dropped over 3%; Korean stocks including SK Biopharmaceuticals, Yuhan, and Samsung Biologics all showed notable declines.

Currently, with only one week remaining until the implementation date, the White House and the U.S. Department of Commerce responsible for related trade investigations have not yet announced details or specific execution methods for these measures.

Previously, Trump had threatened in an interview with CNBC that the United States would first impose "small tariffs" on imported drugs and gradually increase the rate to 150% over one to one-and-a-half years, potentially reaching 250% ultimately.

Industry experts warn that high tariffs could drive up costs and disrupt pharmaceutical supply chains, putting patients at risk.

Trump claims the purpose of imposing pharmaceutical tariffs is to encourage pharmaceutical companies to move production operations back to the United States. Over the past decades, domestic drug production in the U.S. has shrunk significantly, with import dependence reaching 70%. Trump hopes to use tariff policies to prompt pharmaceutical companies to invest in building factories on U.S. soil to achieve "America First" industrial policy goals. Under Trump's pressure, dozens of pharmaceutical companies including Johnson & Johnson, GlaxoSmithKline, Roche, Eli Lilly, Novartis, and AstraZeneca have all announced increased investment plans in the U.S. Johnson & Johnson plans to invest $55 billion to strengthen domestic production and R&D, British pharmaceutical company GlaxoSmithKline has committed to investing $30 billion in the United States over the next five years, and Eli Lilly stated it will spend $27 billion to build four new production bases in the United States.

Stephen Farley, head of ING's global healthcare division, pointed out that even if pharmaceutical companies achieve domestic manufacturing in the U.S., the costs of labor, electricity, transportation, and other factors needed for U.S. production are much higher than in other countries, making "Made in America" drugs not necessarily affordable. The high production costs in the U.S. will not only offset the advantages brought by tariff policies but will also ultimately pass tariff costs onto insurance and patients.

In the long term, Trump's pharmaceutical tariff policy needs to consider not only the interests of domestic U.S. industries but also balance global trade relations and patient interests. If the U.S. government cannot find a balance between "America First" and "global cooperation," it will lead to chaos in the global pharmaceutical industry and rising medication costs for patients.

(Disclaimer: Article content and data are for reference only and do not constitute investment advice. Investors operate at their own risk.)