President Donald Trump said Thursday that he will put import taxes of 100% on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture and 25% on heavy trucks starting on Oct. 1.
The posts on his social media site showed that Trump’s devotion to tariffs did not end with the trade frameworks and import taxes that were launched in August, a reflection of the president’s confidence that taxes will help to reduce the government’s budget deficit while increasing domestic manufacturing. But the additional tariffs risk intensifying inflation that is already elevated, as well as slowing economic growth, as employers getting acclimated to Trump’s previous import taxes grapple with new levels of uncertainty.
Trump said on Truth Social that the pharmaceutical tariffs would not apply to companies that are building manufacturing plants in the United States, which he defined as either “breaking ground” or being “under construction.” It was unclear how the tariffs would apply to companies that already have factories in the U.S.
Trump said that foreign manufacturers of furniture and cabinetry were flooding the United States with their products and that tariffs must be applied “for National Security and other reasons.” The new tariffs on cabinetry could further increase the costs for homebuilders at a time when many people seeking to buy a house feel priced out by the mix of housing shortages and high mortgage rates.
Trump said that foreign-made heavy trucks and parts are hurting domestic producers.
“Large Truck Company Manufacturers, such as Peterbilt, Kenworth, Freightliner, Mack Trucks, and others, will be protected from the onslaught of outside interruptions,” Trump posted.
Posted by John3262005
7 Comments
Ignoring pharmaceuticals, some of these tariffs are so bizarrely specific I wonder which interest groups persuaded Trump to do them. Are there any furniture, vanity, or truck producers based in the US affiliated with the Trump administration?
Also I guess, depressingly, this validates the support of the group that almost entirely supported Trump – the traditional, multi-millionaire executives based in the US who have medium-sized businesses that need to be protected.
> Trump said that foreign manufacturers of furniture and cabinetry were flooding the United States with their products and that tariffs must be applied “for National Security and other reasons.”
…🤷♂️
He literally said imported *cabinets* are a national security issue.
When is this going to end?
Can the Supreme Court rule that Trump can’t declare national emergencies out of his ass already.
SCOTUS gonna save his ass from himself with these tariffs, huh?
The furniture tariffs are how you know JD has no influence in the admin’s policy
It’s Joever for IKEA