President Donald Trump on Thursday took aim at a broad range of imported goods in announcing a new round of punishing tariffs, saying the US will impose 100 per cent duties on imported branded pharmaceutical drugs, 25 per cent tariffs on heavy-duty trucks and 50 per cent tariffs on kitchen cabinets.
Advertisement
Trump has launched numerous national security investigations into potential new tariffs on a wide variety of products during his second term, casting a shadow over the global economic outlook and paralysing business decision-making.
Trump also said he would start charging a 50 per cent tariff on bathroom vanities and a 30 per cent tariff on upholstered furniture next week, with all the new duties to take effect from October 1.
The new 100 per cent tariff on any branded or patented pharmaceutical product will apply to all imports unless the company has already broken ground on building a manufacturing plant in the United States, Trump said.
He said the new heavy-duty truck tariffs were to protect manufacturers from “unfair outside competition” and said the move would benefit companies such as Paccar-owned Peterbilt and Kenworth and Daimler Truck-owned Freightliner.
Advertisement
The new tariffs on kitchen, bathroom and some furniture were because of huge levels of imports which were hurting local manufacturers, Trump said.