"President Donald Trump said Thursday that he will put import taxes of 100% on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture and 25% on heavy trucks starting on Oct. 1. The posts on his social media site showed that Trump's devotion to tariffs did not end with the trade frameworks and import taxes that were launched in August, a reflection of the president's confidence that taxes will help to reduce the government's budget deficit while increasing domestic manufacturing."
"While Trump did not provide a legal justification for the tariffs, he appeared to stretch the bounds of his role as commander-in-chief by stating on Truth Social that the taxes on imported kitchen cabinets and sofas were needed "for National Security and other reasons." Under the Trade Expansion Act of 1962, the administration launched a Section 232 investigation in April about the impacts on national security from pharmaceutical drug and truck imports."
President Donald Trump announced import taxes effective Oct. 1: 100% on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture and 25% on heavy trucks. He cited national security and other reasons for tariffs on kitchen cabinets and sofas while offering no clear legal justification. The administration initiated Section 232 investigations into drug and truck imports and earlier opened a timber and lumber probe. Economists warn the tariffs could raise consumer prices, dampen hiring and add uncertainty to an economy with a strong stock market but weakening jobs and elevated inflation. Fed Chair Jerome Powell warned goods price increases are feeding inflation.
Read at Fast Company
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