If he follows through, it could raise prices on many day-to-day items as economists are almost unanimous that tariffs are passed on as consumer price increases.

Imposing tariffs on imported pharmaceuticals could weigh on Japan, home of major drugmakers such as Takeda, Astellas, Daiichi Sankyo and Eisai, which has been expecting strong sales growth in the U.S. of its Alzheimer's disease drug Leqembi.