President Donald Trump announced the introduction of new tariffs, including a 100% duty on drug imports from October 1, if the supplier company does not build a plant in the United States. He wrote about this on the social network Truth Social, UNN reports.
Starting October 1, 2025, we will impose a 100% tariff on any branded or patented pharmaceutical product, except when the company builds its pharmaceutical plant in America. "Builds" will be defined as "beginning construction" and/or "in the process of construction." Therefore, the tariff on these pharmaceutical products will not apply if construction has already begun.
Trump also stated that from October 1, 2025, the United States will impose a 50% duty on all kitchen cabinets, bathroom vanities, and related products.
"In addition, we will levy a 30% duty on upholstered furniture. The reason for this is the massive influx of these products into the United States from other countries. This is a very unfair practice, but we must protect, for national security reasons and for other reasons, our manufacturing process," Trump said.
In addition, the US President announced tariffs on all heavy trucks manufactured in other parts of the world.
To protect our heavy truck manufacturers from unfair foreign competition, I will impose a 25% tariff from October 1, 2025, on all "heavy (large!) trucks" manufactured in other parts of the world. This way, our large truck manufacturers, such as Peterbilt, Kenworth, Freightliner, Mack Trucks, and others, will be protected from foreign influence. We need the financial well-being and stability of our truckers for many reasons, but first and foremost - for national security!
According to the US International Trade Commission, in 2022, imports, mainly from Asia, accounted for 60% of all furniture sold, including 86% of all wooden furniture and 42% of all upholstered furniture.
Shares of home furniture companies Wayfair and Williams Sonoma, which depend on these imported goods, fell after the market closed following the announcement.
The tariff push will reignite inflation fears in the US economy, the world's largest.
Addition
On August 1, Trump signed a decree on the introduction of new tariffs on imports ranging from 10% to 41% for dozens of countries, including the EU. For all countries not in the annex, the rate remains 10%.