In a significant move to bolster domestic manufacturing, former President Donald Trump unveiled a series of new tariffs on Thursday, targeting a wide range of imported goods. The measures include a 100% levy on branded pharmaceuticals unless the manufacturer establishes a production facility within the United States. Additionally, heavy-duty trucks will face a 25% tariff, while kitchen and bathroom cabinets will be subject to a 50% duty. Upholstered furniture will also incur a 30% tariff starting next week. Trump announced these industry-focused tariffs via his Truth Social platform, emphasizing the need to shield American manufacturers from what he described as the ‘flooding’ of foreign products into the US market. He argued that these measures would protect companies like Peterbilt and Mack Trucks from ‘unfair outside competition’ and support local manufacturers impacted by high import levels. The new tariffs expand on Trump’s existing trade policies, which have targeted over 90 countries since August, aiming to boost US jobs and manufacturing. However, the US Chamber of Commerce has voiced concerns, warning that many truck parts are sourced from allies like Mexico, Canada, Germany, Finland, and Japan, and that domestic sourcing is impractical, potentially driving up costs for the industry.
