"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."
"In 2024, America imported nearly $233 billion in pharmaceutical and medicinal products, according to the Census Bureau. The prospect of prices doubling for some medicines could send shock waves to voters as health care expenses, as well as the costs of Medicare and Medicaid, potentially increase. Trump said that foreign manufacturers of furniture and cabinetry were flooding the United States with their products and that tariffs must be applied "for National Security and other reasons.""
Donald Trump announced new import tariffs taking effect Oct. 1, including 100% on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture and 25% on heavy trucks. The move reflects confidence that tariffs will reduce the federal budget deficit and boost domestic manufacturing. Federal Reserve Chair Jerome Powell warned that higher goods prices are feeding into inflation, and additional tariffs could further raise inflation and slow economic growth. Trump said pharmaceutical tariffs would not apply to companies building U.S. plants, while applicability to existing factories remained unclear. Large pharmaceutical imports and higher medicine prices could increase health care, Medicare, and Medicaid costs, and cabinet tariffs could raise homebuilding expenses.
Read at ABC7 Los Angeles
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