- U.S. President Donald Trump unveiled new import duties to take effect on October 1, including 100% on branded pharmaceutical drugs, 50% on kitchen cabinets & bathroom vanities, 30% on upholstered furniture, and 25% on heavy-duty trucks.
- Pharma duties reportedly exclude firms that have already broken ground or are building U.S. manufacturing facilities.
- The White House framed the moves as national security and protecting domestic producers from “unfair outside competition.”
- Asian stock markets fell following the announcement, with Japanese, South Korean, Hong Kong, and Australian pharmaceutical stocks dropping.
- Unclear if the tariffs apply to existing national tariffs or affect countries with trade agreements. EU and Japan trade deals cap tariffs on pharmaceuticals at 15%, potentially limiting Trump’s claimed 100% tariff.
Trump Announces New US Tariffs on Drugs, Furniture and Trucks
