"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."
"But the additional tariffs risk intensifying inflation that is already elevated, as well as slowing economic growth, as employers getting acclimated to Trump's previous import taxes grapple with new levels of uncertainty. Trump said on Truth Social that the pharmaceutical tariffs would not apply to companies that are building manufacturing plants in the United States, which he defined as either breaking ground or being under construction."
President Donald Trump announced new import taxes taking effect Oct. 1: 100% on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture and 25% on heavy trucks. The tariffs reflect a policy goal of reducing the federal budget deficit and boosting domestic manufacturing. The pharmaceutical tariff excludes foreign firms that are breaking ground or under construction on U.S. manufacturing plants. Officials argued that foreign furniture and cabinetry makers are flooding the U.S. market and that foreign-made heavy trucks and parts harm domestic producers. The measures carry risks of higher inflation and slower economic growth amid business uncertainty.
Read at www.sun-sentinel.com
Unable to calculate read time
Collection
[
|
...
]