Trump Slaps 100% Tariffs on Pharmaceutical Products

President Donald Trump has announced that he will impose import taxes of 100% on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture, and 25% on heavy trucks starting October 1, Josh Boak reported for the Associated Press (AP).

Economists warn the new duties could push up consumer prices, weaken hiring, and add to inflationary pressures.

The tariffs, unveiled on his social media site, extend Trump’s aggressive trade strategy beyond the frameworks and taxes launched in August.

Trump claimed the measures would reduce the federal deficit and boost domestic manufacturing, and justified duties on furniture as necessary “for National Security and other reasons.”

The administration previously launched Section 232 national security investigations into drug and truck imports under the Trade Expansion Act of 1962, and into timber and lumber in March, though it remains unclear if the latter is tied to the furniture tariffs.

Economists warn the new duties could push up consumer prices, weaken hiring, and add to inflationary pressures at a time when the stock market is solid but the jobs outlook is softening.