President Donald Trump has implemented new tariffs targeting a range of products, from prescription drugs to furniture. He said all the new tariffs will take effect on Wednesday, Oct. 1.
The president said the new tariffs are an effort to protect American manufacturers.
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The new tariffs
In posts on Truth Social, Trump announced that the U.S. will impose a 100% tariff on imported branded drugs, a 25% tariff on imports of all heavy-duty trucks, 50% tariffs on kitchen cabinets and bathroom vanities and 30% for upholstered furniture.
The pharmaceutical tariff applies to any branded or patented pharmaceutical product. However, if the company is breaking ground or under construction in the U.S., it will be exempt.
He claims the truck tariff will protect manufacturers from “unfair outside competition.” He said the tariffs will help manufacturers such as Peterbilt, Kenworth, Freightliner, Mack Trucks and others.
“We need our Truckers to be financially healthy and strong, for many reasons, but above all else, for National Security purposes,” Trump said in a post.
In a separate post, Trump announced the tariffs on cabinets and upholstered furniture. He said these imports have surged to levels that are damaging U.S. companies.
“The reason for this is the large-scale “FLOODING” of these products into the United States by other outside Countries. It is a very unfair practice, but we must protect, for National Security and other reasons, our Manufacturing process,” Trump said.
The president has also discussed expanding the list, including new tariffs on lumber and semiconductors.
Tariffs on US allies
The U.S. Chamber of Commerce recommended against imposing new tariffs, specifically on trucks. It said 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 U.S. national security.”
The chamber noted that a large majority of imported parts and vehicles in the medium- and heavy-duty truck manufacturing sector are imported under the U.S.-Mexico-Canada Agreement.
“Preserving and extending the USMCA … will be essential for truck manufacturers as well as American consumers and businesses benefitting from the deal’s high-standard rules facilitating trade and investment in North America,” the chamber wrote in a statement back in May.
