Trump Announces More Tariffs: 100% on Pharmaceuticals

President Trump announced new tariffs on pharmaceuticals, certain furniture, cabinets, and heavy trucks in a social media post on Thursday, citing national security as one of the reasons. They're to take effect Oct. 1, Axios reports. Shares in some major furniture retailers quickly fell late in the day. The tariffs include:

• 100%: On pharmaceutical drugs. Trump said the tariffs would not apply to companies that have begun to build manufacturing plants in the US, per the AP. The full 100% will apply to "all any branded or patented Pharmaceutical Product," he wrote, per CNBC. The US imported almost $233 billion in pharmaceutical and medicinal products last year, according to the Census Bureau. Doubling the price of some medicines could hit consumers hard as the cost of health care, as well as Medicare and Medicaid, increase.
• 50%: On kitchen cabinets, bathroom vanities, and "associated products," Trump posted. Foreign manufacturers are flooding the US with their products, he said. The tariffs could drive up costs for homebuilders.
• 30%: On upholstered furniture. The Bureau of Labor Statistics says living room and dining room furniture already has risen in price 9.5% over the past 12 months, per CNN.

• 25%: On heavy trucks. That's intended to protect manufacturers from "unfair outside competition," Trump said, per Reuters. The industry also has been hit by Trump's 50% tariffs on steel, aluminum, and copper.
• Opposition: The US Chamber of Commerce urged not imposing new tariffs, pointing out that the top five sources of imports are Mexico, Canada, Japan, Germany, and Finland—"all of which are allies or close partners of the United States posing no threat to US national security." Mexico is the largest exporter to the US of medium- and heavy-duty trucks; a recent study found that imports of those vehicles from Mexico have tripled since 2019.