KOSPI slipped 2.1%, Hang Seng index shed 0.8%, while Shanghai Shenzhen CSI 300 and Shanghai Composite indexes dropped between 0.3% and 0.5%

Most Asian stocks dropped on Friday, with pharmaceutical stocks leading losses after U.S. President Donald Trump imposed steep import tariffs on the sector, while declines in technology shares also weighed.

Japanese stocks were exception, rising slightly as a soft consumer inflation print fuelled speculation that the Bank of Japan (BOJ) will not raise interest rates soon.

Asian markets tracked overnight losses on Wall Street, which dipped for a third straight session amid uncertainty over U.S. interest rates and inflation. US’ S&P 500 Futures were flat in Asian trade, with focus on upcoming PCE price index data, which is the Federal Reserve’s preferred inflation gauge.

KOSPI was the worst performer in Asia, slipping 2.1%, while Hang Seng index slipped 0.8%. Shanghai Shenzhen CSI 300 and Shanghai Composite indexes dropped between 0.3% and 0.5%.

Trump on Thursday evening announced a slew of trade tariffs, most notably a 100% levy on all branded and patented pharmaceutical goods. The duty will take effect from October 1.

The move heralds some pressure on Asian pharma exporters, with regional companies having significant exposure to U.S. markets.

Still, Trump said that companies building manufacturing facilities in the U.S. will be exempt from the duty.

Among individual movers, South Korea’s Samsung Biologics Co Ltd and Hong Kong-listed WuXi Biologics dropped between 1.7% and 4%.

Japan’s Daiichi Sankyo Co., Ltd. slid 1.9%, while India’s Sun Pharmaceutical Industries Ltd. and Dr Reddy’s Laboratories Ltd dropped 0.6% and 2.4%, respectively.

India’s pharma sector is strongly exposed to U.S. exports, although a large portion of this is in generic drugs, which do not seem to be impacted by U.S. tariffs.