Trump has announced tariffs on some new sectors from pharma to furniture.
US President Donald Trump has broken another tariff bomb on the world. This tariff will have the most damage to those countries who used to export maximum pharma products to America. Also, furniture, kitchen cabinet, heavy truck exporters will also be damaged. Trump has increased different tariffs on all these items. Trump said in his statement that he will now promote domestic manufacturing. Therefore, outside companies that will manufacture in America will be freed from tariffs. These new tariffs will be implemented from October 1. Let us also tell you that after which American President Donald Trump is going to put tariffs on which products.
Tariff increases from tariff to furniture
President Donald Trump has said that from October 1, he will impose 100 percent on medicines, 50 percent on kitchen cabinet and bathroom vanity, 30 percent on furniture and 25 percent on heavy trucks. On Thursday, the post on his social media site revealed that the dedication of the trump to the tariff is not limited to the trade structure and import tax started in August. The US President is confident that taxes will help in reducing the government’s budget deficit and will also promote domestic manufacturing. But there is a danger of already increased inflation and increasing increase in additional tariffs.
Also, economic growth is likely to be slow. On the other hand, Employees are getting accustomed to Trump’s previous import tax and are struggling with new levels of uncertainty. Federal Reserve Chairman Jerome Powell had recently warned in a press conference that we have started seeing an increase in inflation due to the increase in the prices of goods. He had said that the increased cost of goods is “most” or possibly “completely” in inflation levels this year.
How much drugs were done last year
Trump said on Truth Social that pharma tariffs will not apply to companies who are setting up manufacturing plants in the United States. It is not clear how these fees will apply to companies which already have factories in America. According to the Census Bureau, in 2024, the US imported about 233 billion US dollars medicines and medicinal products. The possibility of doubling the prices of some drugs may surprise voters as the cost of medicare and medicade can also increase along with health care expenses.
Increased tariff on furniture and truck
Trump said that foreign manufacturers of furniture and cabinetry are flooding the United States with their products and “National Security and other reasons” fees should be implemented. New fees on cabinetry can increase the cost for householders, at a time when many people wishing to buy a house are feeling expensive due to lack of housing and high lending rates. Trump said that foreign manufactured heavy trucks and their parts are harming domestic producers. Trump posted that large truck company manufacturers like Peterbalt, Kenworth, Freightline, Mac Tukes and others would be saved from external disruption.
Inflation increased in America, jobs decreased
Trump has long been saying that tariff companies are the key to forcing companies to invest more in domestic factories. He has rejected the apprehension that a large part of the cost of importer taxes will put on consumers and businesses in the form of high prices. Despite the opposite evidence, the President is constantly claiming that inflation is no longer a challenge for the American economy.
The consumer price index has increased by 2.9 per cent in the last 12 months, which is higher than an annual rate of 2.3 per cent in April, when Trump first implemented a wide set of import taxes. The special thing is that no evidence has been found that jobs are being created in factories or manufacturing is increasing due to tariffs. Giving information, the Bureau of Labor Statistics said that since April, the makers have reduced 42,000 jobs and the builders have reduced 8,000 jobs. Trump said on Thursday that there is no inflation. We are getting incredible success.