President Donald Trump has announced plans for a major tariff on pharmaceuticals to incentivize drug companies to relocate to the United States. This news comes amidst an escalation of the US-China trade war, with stocks in China, Hong Kong, and Taiwan falling as a result of the increased tariffs. The Bank of Japan is carefully analyzing how US tariffs could affect the economy as they consider monetary policy decisions. Australian shares plunged by 2% as Trump’s tariffs continue to impact global markets. The Asian Development Bank predicts that the full implementation of US tariffs could significantly cut developing Asia’s growth. As global markets brace for the impact of these tariffs, tensions continue to rise and negotiations are ongoing between the US and various countries to address trade concerns. Elon Musk’s attempts to get President Trump to back down on tariffs have been unsuccessful, hinting at a growing rift between the two figures. Overall, the global trade landscape remains uncertain as countries navigate the implications of these newly imposed tariffs.
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