The Hang Seng slipped 356 points, or 1.4%, to end at 26,128 on Friday, marking a second straight session of losses as consumer stocks slumped after President Trump proposed steep tariffs, including a 100% levy on branded drugs not made in the U.S., a 25% tariff on heavy trucks, and duties of up to 50% on furniture. Sentiment was also cautious ahead of China’s week-long National Day and Mid-Autumn Festival holidays starting October 1, and Hong Kong markets also shut on October 1 and 7. Pharma stocks led falls, with the Hong Kong-listed innovative drug index down 3%, dragged by Wuxi Biologics (-2.8%), Innovent Biologics (-2.2%), and Hansoh Pharma (-2.1%). Tech names also tumbled, including Horizon Robotics (-8.7%), SMIC (-4.9%), and Kuaishou Tech (-3.4%). For the week, the index lost 1.6%, snapping three weeks of gains, as Wall Street fell from record highs and stronger U.S. data dampened hopes of sharp Fed rate cuts, despite calls from new official Stephen Miran for aggressive easing.