A 200% tariff rate — even with a delay — will have a detrimental effect on drug prices and profit margins, analysts warn.

The president signaled he would seek to use the threat of steep levies to reorient trade and protect his political allies.

Here are the top stories to read ahead of Friday's trading:

Thaksin Shinawatra, the de facto leader of Thailand’s ruling party, is taking a more proactive role in shaping the country’s response to deal with the fallout of President Donald Trump’s threat to impose a steep 36% tariff on its exports to the US.

Brazil’s leftwing president is standing firm against Donald Trump’s 50 per cent tariff threat, as Luiz Inácio Lula da Silva seizes the confrontation with Washington to revive his re-election prospects.

"Deeply regrettable" is how Japanese Prime Minister Shigeru Ishiba has described US President Donald Trump's latest tariff threat - a 25% levy on Japanese goods. Tokyo, a long-time US ally, has been trying hard to avoid exactly this.

Trump’s new tariff letters have sent shockwaves across global markets as he targets 22 countries with tough new trade threats just weeks before the August 1 deadline. From close allies like Japan and South Korea to BRICS nations like Brazil and South Africa,

President Donald Trump's threats to impose high tariffs on countries make U.S. trading partners and investors nervous. But his sector tariffs could hurt consumers and businesses more in the long run.