The Guardian - Donald Trump on Thursday announced a new round of punishing tariffs, saying the United States will impose a 100% tariffs on imported branded drugs, 25% tariff on imports of all heavy-duty trucks and 50% tariffs on kitchen cabinets.
The US president also said he would start charging a 50% tariff on bathroom vanities and a 30% tariff on upholstered furniture next week, with all the new duties to take effect from 1 October.
President Trump imposed broad new tariffs Thursday on pharmaceuticals, furniture and trucks last night — after months of hints that more levies were coming, Axios managing editor for business Ben Berkowitz writes.
- With Trump's tariff authority at risk of being struck down by the Supreme Court, these new measures take advantage of more established law to impose sweeping duties on critical sectors.
In a series of Truth Social posts, Trump set a list of new duties starting Oct. 1.
- 💊 100% tariff on pharmaceutical products, unless the manufacturer is in the process of building manufacturing capacity in the U.S.
- 🛋️ 50% tariff on kitchen cabinets and 30% on upholstered furniture.
- 🚛 25% tariff on heavy trucks.
Tariffs are generating more than $30 billion a month in revenue for the government, and are now a critical piece of Trump's fiscal policy.
- If the Supreme Court finds he exceeded his authority in imposing sweeping reciprocal tariffs, about 70% of his levies would be wiped out. MORE
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