From furniture to pharmaceuticals.
Transcript:
President Trump was up late last night – posting about new tariffs.
The latest targets? Drugs, trucks and kitchen cabinets.
Trump said brand-name or patented pharmaceutical products will be subject to a 100% tariff starting October 1 – unless the drugmaker is building a manufacturing plant in the US.
Meanwhile, he announced a 50% tariff on kitchen cabinets, bathroom vanities, and related products, plus a 30% tariff on upholstered furniture, also starting next week.
On top of that, Trump is imposing a 25% tariff on imported heavy trucks. He framed the move as a national security measure, saying it will keep American truckers “financially healthy and strong.
The White House says these tariffs protect American industry, but critics warn they could raise costs for businesses and consumers.
Previous tariffs – including 50% tariffs on steel, aluminum, and copper – have already raised costs considerably for U.S. truck manufacturers.
And furniture prices have already jumped under previous tariffs. Living and dining room pieces are up nearly 10-percent over the past year, according to the Bureau of Labor Statistics.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
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