WASHINGTON- U.S. President Donald Trump on Thursday announced sweeping new tariffs, including a 100% duty on imported pharmaceutical drugs and a 50% tariff on kitchen cabinets, in a move that threatens to jolt global supply chains and escalate trade tensions.
The new measures, set to take effect Oct. 1, will also impose a 30% tariff on upholstered furniture and a 25% tariff on heavy trucks. Trump said drugmakers can avoid the 100% levy if they establish manufacturing operations in the United States.
Economists and trade analysts warned the tariffs could fuel inflation and spark retaliatory action from major trading partners. Pharmaceutical companies, cabinet makers and furniture importers are expected to be among the hardest hit.
Trump defended the decision as part of his broader effort to bring manufacturing back to the United States and reduce trade deficits, despite criticism that earlier tariffs delivered limited gains for American industry.
President Trump announced significant tariffs, including 100% on imported drugs and 50% on kitchen cabinets, aiming to boost U.S. manufacturing. The move, effective Oct. 1, could disrupt global supply chains and provoke retaliation. Economists warn of potential inflation, while Trump insists it's a step towards reducing trade deficits and revitalizing domestic production.