US President Donald Trump announced new tariffs on various imported goods on Thursday, including a 100% levy on branded drugs manufactured outside the United States. In addition to this, the administration will impose a 25% tariff on imports of heavy-duty trucks and a 50% tariff on kitchen and bathroom cabinets. Trump shared these details via his Truth Social platform.
The rationale provided for these tariffs includes concerns over a significant influx of these products into the U.S. from foreign countries, which Trump claims affects domestic manufacturing. He emphasized the goal of protecting American manufacturers from foreign competition, specifying that the tariffs on heavy-duty trucks are intended to support companies like Peterbilt and Mack Trucks.
The tariffs on kitchen and bathroom cabinets, along with other furniture, have been introduced as a response to high import levels that have reportedly harmed local manufacturers.
These announcements come in the context of ongoing concerns from U.S. businesses, many of whom have urged the Biden administration to refrain from imposing additional tariffs. Trump’s recent tariffs are part of a broader strategy aimed at enhancing job creation and manufacturing within the country. These new levies apply to over 90 countries and reflect a continuation of Trump’s earlier policies.
Source: https://www.bbc.com/news/articles/crkjreprp3po?at_medium=RSS&at_campaign=rss