"President Donald Trump announced Thursday that on October 1sthe will slap steep tariffs on big trucks, household furnishings, and pharmaceuticals. Trump announced the new policy in a series of posts on Truth Social. In the post about pharmaceuticals, the president said his administration "will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America.""
"Another post announced 50 percent tariffs on kitchen cabinets and bathroom vanities and a 30 percent tariff on upholstered furniture. "The reason for this is the large scale 'FLOODING' of these products into the United States by other outside Countries," Trump wrote. The post on truck tariffs said a 25 percent tariff would apply "on all 'Heavy (Big!) Trucks' made in other parts of the World." Trump said the move was necessary for national security."
Effective October 1, tariffs will apply to several categories of imported goods. Branded and patented pharmaceutical products will face a 100% tariff unless a company builds its pharmaceutical manufacturing plant in the United States. Kitchen cabinets and bathroom vanities will face a 50% tariff, while upholstered furniture will face a 30% tariff. Heavy trucks manufactured abroad will face a 25% tariff. The stated rationales include preventing large-scale flooding of household goods into the United States and addressing national security and supply chain concerns related to heavy trucks.
Read at The American Conservative
Unable to calculate read time
Collection
[
|
...
]