<h1>Tariff announcement: steep import taxes on pharmaceuticals spark Asian market sell off and investor concern globally.</h1> Announcement of new tariffs, including steep import taxes on pharmaceutical imports, caused immediate market repricing as investors sold shares in affected sectors and regional equity indexes declined. The policy rationale cited national security and support for domestic producers, and the measure interacted with persistent inflation and expectations about central bank rate actions, producing upward pressure on sovereign yields and shifts in currency and commodity prices as market participants adjusted growth and earnings forecasts.