Wall Street ticks higher after Trump threat of new tariffs on drugs, furniture, and trucks

"Futures for the S&P 500 and Nasdaq each moved 0.1% higher before the bell, while futures for the Dow Jones Industrial Average gained 0.2%. Trump said Thursday on social media that foreign makers of furniture and cabinetry were flooding the United States with their products and that tariffs must be applied "for National Security and other reasons." Shares of home furnishing companies slid lower on the news."

"Trump also said foreign-made heavy trucks and parts are hurting domestic producers. However, most such trucks are either made in America or are U.S. brands made in Canada or Mexico. Shares of U.S. truck manufacturer Paccar jumped 6%. Shares of Dow component Boeing Co. rose more than 3% on a report that federal safety regulators will ease their oversight of the plane manufacturer."

U.S. futures inched higher after President Trump announced plans for new tariffs, including 100% import taxes on pharmaceutical drugs starting next week. Trump said foreign furniture and cabinetry makers were flooding the U.S. and urged tariffs "for National Security and other reasons," prompting declines in home furnishing stocks such as Wayfair, Williams-Sonoma and RH. Trump also criticized foreign-made heavy trucks and parts, while most such trucks are made in the U.S. or North America; Paccar shares jumped. Boeing shares rose after reports of eased federal oversight. Upcoming consumer spending data includes the Fed's preferred inflation gauge, and stronger economic reports have complicated prospects for future Fed rate cuts.

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