Trump Imposes New Tariffs on Heavy Trucks, Medicines, and Furniture

SadaNews Economy - U.S. President Donald Trump revealed on Thursday - Friday a new round of punitive tariffs on a wide range of imported goods, including a 100% tariff on brand-name medications and a 25% tariff on heavy trucks, set to take effect next week.

He wrote on the Truth Social platform: "To protect our great heavy truck manufacturers from unfair foreign competition, I will impose a 25% tariff on all heavy (large) trucks made in other parts of the world starting October 1, 2025."

The U.S. President also announced: "We are imposing a 50% tariff on all kitchen cabinets and bathroom furniture and related products, effective October 1."

In addition, he announced a 30% tariff on upholstered furniture.

Trump explained via his "Truth Social" platform that this move aims to support domestic manufacturing and reduce the government budget deficit, emphasizing that companies that build factories to produce medicines within the United States will be exempt from these tariffs, provided they have actually begun construction or laid the foundation.

These measures come as a continuation of Trump's approach to using tariffs as an economic tool, reflecting his confidence in the effectiveness of this policy despite warnings about its negative consequences.

Shares of pharmaceutical companies across Asia declined as investors reacted to this news.

These new measures are regarded as part of the Trump administration’s shift towards better legal measures when taking tariff-related actions amid risks linked to a case pending before the Supreme Court concerning the legality of his comprehensive global tariffs.

Trump stated that the new 100% tariffs on any brand-name or patented pharmaceutical product will apply to all imports unless the company has already begun construction on a factory in the United States.