Trump slaps fresh US rates on heavy trucks, drugs and furniture

President Donald Trump on Thursday unveiled a new round of penalty rates on a wide range of imported goods, including 100% duties on brand medicine and 25% tariffs on heavy trucks that will come into effect next week. Rates were a feature of Trump’s second term, with a greasy duties on trading partners ranging from 10% to 50% and other targeted levies on a wide range of products, casting a shadow over the global economic outlook and paralyzing business decision-making decision making. The announcements, made on Truth Social, do not contain details of whether the new levies would apply above the national rates, or that economies would be released with trade transactions such as the European Union and Japan. Trump also said he will start charging a 50% tariff on kitchen cabinets and bathrooms and a 30% rate of 30% on upholstered furniture, with all the new duties coming into effect from 1 October. “The reason for this is the large -scale” flooding “of these products in the United States by other countries from the outside,” Trump said on the truth of the rates on household goods. Shares of pharmaceutical businesses across Asia have sunk while investors responded to the news, with the Japan’s Sumitomo Pharma falling 4.3% and the CSL of Australia dropped to a six -year low. An index detecting Chinese listed furniture manufacturers also fell 1.1%. The new action is seen as part of the Trump administration’s shift to better established legal authorities for its tariff actions, given the risks associated with a case before the Supreme Court over the legality of its global rates. Trump said the new rate of 100% rate to any brand or patented pharmaceutical product applies to all imports unless the company already has a basis to build a manufacturing plant in the United States, Trump said. The Pharmaceutical Research and Manufacturers of America, an operating group, said businesses “continue to announce hundreds of billions of rands in new US investments. Rates are daring the plans.” The Trump administration has opened a dozen sins in the national security consequences of the import of wind turbines, aircraft, semiconductors, policilon, copper, wood and wood and critical minerals to form the basis of new rates. Trump announced new investigations in personal protective equipment, medical items, robotics and industrial machinery this week. Trump for foreign policy has made the levies an important tool for foreign policy by using them to renegotiate trade transactions, withdraw concessions and exert political pressure on other countries. Its administration has appointed tariffs as a significant source of income, while Treasury Secretary Scott Besent said that Washington could raise $ 300 billion by the end of the year. Trump previously imposed national security rates on steel and aluminum and derivatives, light cars and parts and copper. The Trump administration’s trade deals with Japan, the EU and the UK includes provisions that CAP rates for specific products such as cars, semiconductors and pharmaceutical products, which means that the new higher national security rates are unlikely to increase it above the agreed rates. Trump said the new rates for heavy trucks are to protect manufacturers from ‘unfair competition’ and said the move would benefit from companies such as Peterbilt and Kenworth and Daimler truck owned by the truck. Earlier this year, the US pharmaceutical trade group said that 53% were manufactured in the US $ 85.6 billion in the United States, in the US, the US was manufactured with the rest from Europe and other allies. The US Chamber of Commerce urged the department earlier not to set up new truck tariffs, pointing out that the top five sources of imports Mexico, Canada, Japan, Germany and Finland, “all of whom are allies or close partners of the United States who pose no threat to US national security.” Mexico is the largest exporter of medium and heavy trucks to the United States. In a study released in January, the import of the larger vehicles from Mexico has tripled since 2019. Trump promised in August to set up new furniture tariffs, saying that it would “bring the furniture business back to North Carolina, South Carolina (and) Michigan. Furniture and wooden products manufactured in the US, have imported to about 340,000 in furniture since 2000. According to furniture today, a trading publication can place a higher rates on commercial vehicles. have increased medium and heavy trucks.