Asian shares tumble after Trump says he will impose new tariffs on drugs and other goods [Yahoo! Finance Canada]
SUMITOMO CHEM UNSP/ADR (SOMMY)
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Source: Yahoo! Finance Canada
Trump said Thursday on his social media site that foreign makers of furniture and cabinetry were flooding the United States with their products and that tariffs must be applied “for National Security and other reasons.” He said foreign-made heavy trucks and parts are hurting domestic producers. However, most such trucks are either made in America or are U.S. brands made in Canada or Mexico. U.S. futures slipped while oil prices rose. Most Asian indexes were in the red, with Japan's Nikkei 225 down around 0.3% to 45,629.79. Sumitomo Pharma Co.'s shares lost 5.2% while Chugai Pharmaceutical sank 3.9%. Government data on Friday showed inflation in the Tokyo area rose 2.5% year-on-year in September, matching the pace in August but falling below expectations of an uptick to 2.8%. Inflation, however, was still above the Bank of Japan's 2% target, leading to speculation about a rate hike later this year. South Korea's Kospi tumbled 2.5% to 3,384.58 in a third consecutive session
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