U.S. President Donald Trump has made a significant announcement, imposing hefty import tariffs starting October 1 on foreign pharmaceutical drugs, kitchen cabinets, furniture, and heavy trucks. Through his social media platform, he stated that the purpose of this move is to bolster domestic manufacturing and ensure national security.
Trump declared a 100% tax on pharmaceutical drugs, a 50% tax on kitchen cabinets and bathroom vanities, a 30% tax on upholstered furniture, and a 25% tax on heavy trucks.
Source: aajtak
Trump's Social Media Post
In another post, he added, 'From October 1, 2025, we are imposing a 50% tariff on all kitchen cabinets, bathroom vanities, and related products.' Additionally, a 30% tariff will apply to upholstered furniture. This is due to the massive influx of these items from other countries into the U.S., an unfair practice that necessitates the protection of our production process for national security and other reasons.'
Source: aajtak
Announcing a 25% import duty on heavy trucks, he stated, 'To shield our major heavy truck manufacturers from undue foreign competition, I am imposing a 25% tariff on all large trucks manufactured elsewhere from October 1, 2025.' This step will protect truck manufacturers like Peterbilt, Kenworth, Freightliner, Mack Trucks, and others from external disruptions. It's vital to strengthen our truck drivers economically.'
Source: aajtak
Inflation Surge Expected in the U.S.
He accused foreign companies of flooding the U.S. market with furniture and cabinets, impacting domestic industries. Similarly, foreign heavy trucks and parts pose challenges for American manufacturers.
Trump maintains that this measure is necessary not only for the protection of domestic industries but is also linked to national security. This decision comes amidst existing inflationary pressures in the U.S. Experts assert these additional tariffs could exacerbate inflation and potentially slow economic growth.
