According to sources, Kraken completed its intended $500M funding round for a $15B valuation. The funding was completed with the participation of CEO Arjun Sethi and his fund, Tribe Capital.

Trump hits pharma with 100% drug tariffs, slaps 25% on heavy trucks

Donald Trump dropped two major tariff bombshells Thursday, announcing that all branded or patented drugs shipped into the U.S. will be hit with a 100% tariff starting October 1, while imported heavy-duty trucks will face a 25% duty on the same day.

The new moves were revealed by the White House via Trump’s posts on Truth Social and they’re aimed at forcing companies to build inside the U.S. or deal with costly consequences.

But not every company is treated the same. The new drug tariffs won’t apply to pharmaceutical firms that are already building drug plants in America. If the company has started construction—even if it’s just breaking ground—their drugs will be exempt. 投稿した“There will, therefore, be no Tariff on these Pharmaceutical Products if construction has started,” Trump

. The rule applies to all branded or patented drugs, meaning those protected by intellectual property rights and sold under trade names, blocking generic versions from competing until the patents run out.

Trump raises tariffs to push factories back to the U.S. 

Trump said the goal is simple: bring drug production back home. And it’s not an empty threat. U.S. drug manufacturing has declined sharply over the years, but companies like Eli Lilly, AbbVie, and Johnson & Johnson have already started investing in domestic plants.

Trump is trying to accelerate that change with financial pressure. For him, it’s about getting manufacturing jobs out of overseas labs and back into American factories. That same logic

is being used on trucks. Just hours after the pharma announcement, Trump said he’s hitting imported “Heavy (big!) Trucks” with a 25% tariff, also effective from October 1. He said the trucks are hurting U.S. companies and called the move necessary to protect national security.

“Large Truck Company Manufacturers, such as Peterbilt, Kenworth, Freightliner, Mack Trucks, and others, will be protected from the onslaught of outside interruptions,” he wrote on Truth Social. These U.S.-based truck builders are expected to gain an edge over foreign competition once the tariffs kick in.

Just a day earlier, the Department of Commerce said it launched new national security probes into imports of robotics, industrial equipment, and medical devices. And this isn’t limited to machines. The investigation now covers personal protective gear, including N95 masks, surgical gloves, syringes, needles, and other medical supplies.

Any new duties from these sector-specific probes would stack on top of Trump’s country-specific tariffs, multiplying the cost for foreign manufacturers. However, both Japan and the European Union have made agreements that may keep them safe from additional fees.

Asia markets slide as Trump widens tariff dragnet

The global markets didn’t sit quietly. Japan’s Topix Pharma Index dropped 1.47% immediately after the announcement. Major Japanese drugmakers like Daiichi Sankyo and Chugai Pharmaceutical fell 2.11% and 3.64%, while Sumitomo Pharma took a heavier hit, plunging 5.33%. In South Korea, big names like Samsung Biologics dropped 1.71%, and SK Bio Pharmaceuticals tumbled 3.71%.

投資家たちはまた、東京の新たなインフレ数値にも反応した。コアインフレ率は2.5%で、エコノミストが予想した2.8%を下回った。総合インフレ率は2.5%で横ばいだった。東京の統計は、しばしば全国インフレの行方を示す指標となる。

韓国のKospi指数は地域内で最大の下落となり2.02%減、一方、小型株中心のKosdaqは1.57%下落した。オーストラリアではS&P/ASX 200がほぼ横ばいを維持した。

中国ではCSI 300が横ばいを維持した一方、香港の恒生指数は0.86%下落し、関税ショックがアジア太平洋地域全体に広く影響を与えたことを示した。