These are import tariffs of 100 percent on imported branded drugs. There will be a 25 percent duty on heavy trucks and a 50 percent duty on kitchen cabinets. Trump also said next week he is levying a 50 percent tariff on bathroom cabinets and a 30 percent tariff on upholstered furniture.
The new tariff on branded or patented pharmaceuticals will apply to all imports. According to Trump, there is an exception for importing companies that have already started building a manufacturing site in the US. No official announcement has yet been made from the White House.
The United States is “flooded with products from other countries,” Trump said on Truth Social, announcing the import tariffs. He hopes to bring more manufacturing to the US and boost the US treasury.
According to the US central bank, the import tariffs lead to higher prices at the cash register. Also, there are now 42,000 fewer jobs in the US than in April.
It is not universally clear whether the new duties will be added to the national levies. The European Commission announced Friday that the drug import duty will not apply to the EU. The EU previously agreed with the U.S. to a 15 percent tariff on medicines and other goods going to the U.S.
Trump has been introducing import tariffs on product groups and items from certain countries since he became president in January. According to the president, the new round of duties will go into effect Oct. 1.
