Trump announces new tariffs on pharmaceuticals, heavy trucks and kitchen cabinets from October 1

The US President said he also would start charging a 50% tariff on bathroom vanities and a 30% tariff on upholstered furniture the following week, with all the new duties to take effect on October 1.

He further said that the new heavy-duty truck tariffs were to protect manufacturers from “unfair outside competition” and said the move would benefit companies such as Paccar-owned Peterbilt and Kenworth and Daimler Truck-owned Freightliner.

The new tariffs on kitchen, bathroom and some furniture were because of huge levels of imports which were hurting local manufacturers, Trump said. “The reason for this is the large-scale ‘FLOODING’ of these products into the United States by other outside Countries,” he wrote on Truth Social.

Trump has launched numerous national security probes into potential new tariffs on a wide variety of products during his second term, casting a shadow over the global economic outlook and paralysing business decision-making.

The Pharmaceutical Research and Manufacturers of America opposed new drug tariffs, saying earlier this year that 53% by value of the $85.6 billion in ingredients used in medicines consumed in the United States was manufactured in the United States with the remainder from Europe and other US allies.

The US Chamber of Commerce urged the department not to impose new truck tariffs, noting the top five import sources are Mexico, Canada, Japan, Germany, and Finland “all of which are allies or close partners of the United States, posing no threat to US national security.”

–With inputs from agencies

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