{"id":255501,"date":"2025-09-26T06:37:13","date_gmt":"2025-09-26T06:37:13","guid":{"rendered":"https:\/\/www.europesays.com\/us\/255501\/"},"modified":"2025-09-26T06:37:13","modified_gmt":"2025-09-26T06:37:13","slug":"new-us-tariffs-hit-pharmaceuticals-cabinets-furniture-and-trucks","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/255501\/","title":{"rendered":"New US tariffs hit pharmaceuticals, cabinets, furniture and trucks"},"content":{"rendered":"

WASHINGTON (AP) \u2014 President Donald Trump<\/a> 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.<\/p>\n

The posts on his social media site showed that Trump\u2019s devotion to tariffs did not end with the trade frameworks and import taxes<\/a> that were launched in August, a reflection of the president\u2019s confidence that taxes will help to reduce the government\u2019s budget deficit while increasing domestic manufacturing.<\/p>\n

While Trump did not provide a legal justification for the tariffs, he appeared to stretch the bounds of his role as commander-in-chief by stating on Truth Social that the taxes on imported kitchen cabinets and sofas were needed \u201cfor National Security and other reasons.\u201d <\/p>\n

<\/p>\n

\"President<\/p>\n

President Donald Trump walks out to greet Turkish President Recep Tayyip Erdogan at the White House, Thursday, Sept. 25, 2025, in Washington. (AP Photo\/Alex Brandon)<\/p>\n

President Donald Trump walks out to greet Turkish President Recep Tayyip Erdogan at the White House, Thursday, Sept. 25, 2025, in Washington. (AP Photo\/Alex Brandon)<\/p>\n

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Under the Trade Expansion Act of 1962, the administration launched a Section 232 investigation in April about the impacts on national security from pharmaceutical drug and truck imports. The Commerce Department<\/a> launched a 232 investigation into timber and lumber in March, though it\u2019s unclear whether the furniture tariffs stem from that. <\/p>\n

The tariffs are another dose of uncertainty for the U.S. economy with a solid stock market but a weakening outlook for jobs and elevated inflation. These new taxes on imports could pass through to consumers in the form of higher prices and dampen hiring, a process that economic data suggests is already underway.<\/p>\n

\u201cWe have begun to see goods prices showing through into higher inflation,\u201d Federal Reserve Chair Jerome Powell warned in a recent news conference<\/a>, adding that higher costs for goods account for \u201cmost\u201d or potentially \u201call\u201d of the increase in inflation levels this year. <\/p>\n

The president has pressured Powell to resign, arguing that the Fed should cut its benchmark interest rates more aggressively because inflation is no longer a concern. Fed officials have stayed cautious on rate cuts because of the uncertainty created by tariffs.<\/p>\n

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 \u201cbreaking ground\u201d or being \u201cunder construction.\u201d It was unclear how the tariffs would apply to companies that already have factories in the U.S.<\/p>\n

In 2024, America imported nearly $233 billion in pharmaceutical and medicinal products, according to the Census Bureau. The prospect of prices doubling for some medicines could send shock waves to voters as health care expenses, as well as the costs of Medicare and Medicaid, potentially increase.<\/p>\n

The pharmaceutical drug announcement was shocking as Trump has previously suggested that tariffs would be phased in over time so that companies had time to build factories and relocate production. On CNBC in August, Trump said he would start by charging a \u201csmall tariff\u201d on pharmaceuticals and raise the rate over a year or more to 150% and even 250%.<\/p>\n

According to the White House, the threat of tariffs earlier this year contributed to many major pharmaceutical companies, including Johnson & Johnson, AstraZeneca, Roche, Bristol Myers Squibb and Eli Lilly, among others, to announce investments in U.S. production.<\/p>\n

Pascal Chan, vice president for strategic policy and supply chains at the Canadian Chamber of Commerce, warned that the tariffs could harm Americans\u2019 health with \u201cimmediate price hikes, strained insurance systems, hospital shortages, and the real risk of patients rationing or foregoing essential medicines.\u201d<\/p>\n

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. The National Association of Realtors on Thursday said there were signs of price pressures easing as sales listings increased 11.7% in August from a year ago, but the median price for an existing home was $422,600.<\/p>\n

<\/p>\n

\"Container<\/p>\n

Container ship Leyla Kalkavan crosses the Bosphorus strait, in Istanbul, Wednesday, Sept. 24, 2025. (AP Photo\/Francisco Seco)<\/p>\n

Container ship Leyla Kalkavan crosses the Bosphorus strait, in Istanbul, Wednesday, Sept. 24, 2025. (AP Photo\/Francisco Seco)<\/p>\n

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Trump said that foreign-made heavy trucks and parts are hurting domestic producers that need to be defended.<\/p>\n

\u201cLarge Truck Company Manufacturers, such as Peterbilt, Kenworth, Freightliner, Mack Trucks, and others, will be protected from the onslaught of outside interruptions,\u201d Trump posted.<\/p>\n

Trump has long maintained that tariffs are the key to forcing companies to invest more in domestic factories. He has dismissed fears that importers would simply pass along much of the cost of the taxes to consumers and businesses in the form of higher prices.<\/p>\n

His broader country-by-country tariffs relied on declaring an economic emergency based on a 1977 law, a drastic tax hike that two federal courts said exceeded Trump\u2019s authority as president. The Supreme Court<\/a> is set to hear the case in November.<\/p>\n

The president continues to claim that inflation is no longer a challenge for the U.S. economy, despite evidence to the contrary. The consumer price index has increased 2.9% over the past 12 months, up from an annual pace of 2.3% in April, when Trump first launched a sweeping set of import taxes.<\/p>\n

Nor is there evidence that the tariffs are creating factory jobs or more construction of manufacturing facilities. Since April, the Bureau of Labor Statistics has reported that manufacturers cut 42,000 jobs and builders have downsized by 8,000.<\/p>\n

\u201cThere\u2019s no inflation,\u201d Trump told reporters Thursday. \u201cWe\u2019re having unbelievable success.\u201d<\/p>\n

Still, Trump also acknowledged that his tariffs against China had hurt American farmers, who lost out on sales of soybeans. The president separately promised on Thursday to divert tariff revenues to the farmers hurt by the conflict, just as he did during his first term in 2018 and 2019 when his tariffs led to retaliation against the agricultural sector.<\/p>\n

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