"The announced 100% tariff on pharmaceuticals, 25% on trucks, and 30% on furniture, due to come into effect on October 1, reopen the US president's trade war. United States President Donald Trump has announced steep new tariffs on pharmaceutical products, big-rig trucks, and home renovation fixtures and furniture. The announcement late on Thursday signalled the harshest trade plans from Trump since last April's shock unveiling of reciprocal tariffs on virtually every US trading partner across the globe, marking a revival of the Republican president's trade war."
"Starting on October 1, we will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product, unless a Company IS BUILDING their Pharmaceutical Manufacturing Plant in America, Trump wrote on his Truth Social platform. Shares of pharmaceutical companies across Asia with big exposure to the US market fell on Friday, including South Korea's Samsung Biologics. Trump's move was criticised by Australia, which exported pharmaceutical products worth an estimated $1.3bn to the US in 2024, according to the United Nations Comtrade Database."
"In a separate post, Trump wrote of a 25 percent tariff on all Heavy (Big) Trucks' made in other parts of the world to support US manufacturers such as Peterbilt, Kenworth, Freightliner, Mack Trucks and others. Foreign companies that compete with these manufacturers in the US market include Sweden's Volvo and Germany's Daimler. Shares in both companies were sharply lower in after-hours trading in Europe."
The United States will impose steep new tariffs: 100% on branded and patented pharmaceutical products, 25% on heavy (big) trucks, and 30% on furniture and home renovation fixtures starting October 1. The pharmaceutical tariff is conditional on companies building manufacturing plants in the US. Asian pharmaceutical stocks with US exposure fell, and Australia criticised the move, citing $1.3bn in 2024 exports to the US. The 25% truck tariff aims to protect US truck manufacturers and was framed as a national security measure following a Section 232 probe. The measures mark a sharp escalation in US trade policy and prompted immediate market reactions.
Read at www.aljazeera.com
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